It will take 19 years and 6 months for the account value to reach 2900 dollars
Step-by-step explanation:
Given
Principal amount = 1400 dollars
Rate = 5.5 %
Final value = A = 2900
We have to find t
So,
The formula for simple interest is:
Putting values
Dividing both sides by 0.055
Rounding off to nearest tenth
19.5 years
Hence,
It will take 19 years and 6 months for the account value to reach 2900 dollars
Keywords: Interest, simple interest
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