Question

Mrs.Wheeler is looking to make a deposit of $2500 dollars into the savings account
that earns simple interest at a rate of 2.02% per year. How many years will it take for her account to reach $3000 if she does not deposit or withdraw any money.

Answer 1

Answer:

9.9 years

Step-by-step explanation:

A = P(1 + rt) . . . . account balance after time t at rate r starting with principal P

... 3000 = 2500(1 + 0.0202t) . . . . filling in the given numbers

... 1.2 = 1 + 0.0202t . . . . divide by 2500

... 0.2 = 0.0202t . . . . . . subtract 1

... 0.2/0.0202 = t ≈ 9.901

It will take about 9.9 years for the account balance to reach $3000.