Question

Delaney is saving money in an account that offers 9% simple interest. She deposits 2000 from her grandmother into the account and makes no additional deposits or withdraws. How many years will it take to grow to 4,700

Answer 1

Answer:

15years

Step-by-step explanation:

Given data

Rate= 9%

Principal= $2000

Final amount= $4700

The simple interest formula is given as

A= P(1+rt)

Substitute

4700=2000(1+0.09*t)

4700= 2000+ 180t

4700-2000= 180t

2700=180t

t= 2700/180

t= 15 years

Hence the time is 15years