Thomas opened a savings account with an annual interest rate of 7% and an initial deposit of $5000. If his interest is compounde
1 answer:
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Answer:
$482.625 ≈ $482.63
Step-by-step explanation:
y · 100 = 450 · 7.25
100y = 3262.5
100y ÷ 100 = 3262.5 ÷ 100
y = 32.625
$450 + $32.625
$482.625
The correct option will be : 14 years
<u><em>Explanation</em></u>
Current account balance of Susan is $1,336.60 and her initial deposit was $820
So, the amount of interest earned dollar
Formula for Simple Interest is: , where
is the amount of interest,
is the initial amount,
is the rate of interest in decimal and
is the time duration in years.
Here, %
Now according to the above formula, we will get...
So, Susan has held the account for 14 years.