Dana wants to invest 3,000 at 5% simple interest. How many years will it take for the total amount in her account to reach $4,500?

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asked Oct 27, 2019 221k views

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Mike Christianson · Answer 1 · 2019-10-31T16:31:33+0000

The total amount in Dana's account will consist of her $3,000 investment plus $1,500 in interest earned. The formula for simple interest is
I = Prt
Substituting given values, we have
1500 = 3000×0.05×t = 150t
1500/150 = t = 10

It will take 10 years for the total amount in Dana's account to reach $4,500.

Dana wants to invest 3,000 at 5% simple interest. How many years will it take for the total amount in her account to reach $4,500?

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