It takes 24 years for the account value to reach the $9600. Step-by-step explanation: From the given data, it can be determined that : Amount = $9600 Principal = $3200 Rate = 8.25% = 0.0825 Number of years should be calculated. To find the interest : Amount = Principal + Interest Therefore, the interest can be calculated by the formula, Interest = Amount - Principal ⇒ 9600 - 3200 ⇒ 6400 The interest needed is 6400. To find the number of years required to reach this interest : Use the formula for simple interest, Simple interest = Pnr /100 where, P is the principal n is the number of years r is the rate Substitute all the given values in the simple interest formula, Simple interest = 3200 × n × 0.0825 6400 = 264 n n = 6400 / 264 n = 24.2 which is approximately 24 years. Therefore, it takes 24 years for the account value of 3200 dollars to reach 9600 dollars.
