Question

Chelsey put for $450 into an account with a simple interest rate of 2.5% when she withdrew the money she had earned a total of $67.50 in interest how long did she leave the money in the account

Answer 1

Answer:

5.66 years

Step-by-step explanation:

450 x 1.025^(n) = 450 + 67.50

450 x 1.025^(n) = 517.50

1.025^(n) =(517.50 / 450)

1.025^(n) = 1.15

n = ln(1.15) / ln(1.025)

n = 5.66