You put $500 in the bank, where it ears 1.5% simple interest every year. How long until your money will triple?
1 answer:
Answer:
133.33 years
Step-by-step explanation:
Given that:
Principal = $500
Interest rate (r) = 1.5% = 0.015
Triple amount of principal = $500 * 3 = $1500 = final amount (A)
Number of years (t) =?
Using the relation :
A = P(1 + rt)
1500 = 500(1 + 0.015t)
1500 / 500 = 1 + 0.015t
3 = 1 + 0.015t
3 - 1= 0.015t
2 = 0.015t
2 / 0.015 = 0.015t / 0.015
133.333 = t
133.33 years
You might be interested in
The answer would be 40
-4(-2) = 8
8(5) = 40
F(-2) when F(x)=5^x is 1/25
C is 50 cents because 2 dollars divided by 4 is 50
Answer:
The Identity Property of Zero
Step-by-step explanation:
If you add 0 to any number, the result will be that number.
I can help you to use brainly without waiting for someone else to give you the answer.
