Dr. Jones deposited $500 into an account that ears 6% simple interest. How many years will it take for the value of the account
to reach $2000
2 answers:
Answer:
50 years
Step-by-step explanation:
Formula for simple interest:
I = Prt
where
I = interest earned
P = principal amount deposited
r = annual interest rate
t = number of years
When the account reaches $2000, $500 is from the principal and
$2000 - $500 = $1500 is from the interest.
We use the simple interest formula to find the number of years needed to earn $1500 in interest from $500 principal at 6% interest rate.
1500 = 500 * 0.06 * t
t = 50
Answer: 50 years
Answer:
50 years
Step-by-step explanation:
Given data
Principal= $500
Rate= 6%
Amount = $2000
The simple interest expression is given as
A=P(1+rt)
Substitute
2000= 500(1+0.06*t)
open bracket
2000=500+ 30t
2000-500=30t
1500=30t
t= 1500/30
t= 50 years
Hence the time is 50 years
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