Answer:
Compound interest is interest computed on the original principal as well as on any accumulated interest.
If you deposit P dollars at rate r, in decimal form, subject to compound interest, then the amount, A, of money in the account after t years is given by
The amount A is called the account's future value and the principal P is called its present value.
From the information given we know that $500 is the present value, 6% is the rate, and we want to find how long will it take for Suzy to earn at least $95, this means when the future value is $595.
Applying the above formula and solving for t we get that:
Step-by-step explanation:
