Question

Steven deposited $5,000 at 9% simple interest. How long will it be before he has
$8,150 in his account?

Answer 1

Answer:

7 years.

Step-by-step explanation:

Total interest = 3150.

I =PRT/100

3150 = 5000* 9 * t / 100

450t = 3150

t = 7.

Answer 2

Answer:

Step-by-step explanation:

A=P(1+rt) where A=amount, P=principle, r=rate, and t=time

t=(A/P-1)/r

t=((8150/5000)-1)/(0.09)

t=7 years