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Alenkinab [10]
3 years ago
14

You deposit $5000 in an account earning 7.5% simple interest per year. How long will it take for the balance of the account to b

e $6500?
Mathematics
1 answer:
nevsk [136]3 years ago
4 0

Answer:

4 years

Step-by-step explanation:

Given data

Principal P=$5000

Rate r= 7.5%

Final amount A=$6500

The expression for the simple interest is

A=P(1+rt)

Substitute

6500=5000(1+0.075*t)

6500=5000+375t

6500-5000=375t

1500=375t

t= 1500/375

t= 4 years

Hence, the time is 4 years

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