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