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Scott deposits $8000 in an account that earns 6% simple interest. How long will it be before the total amount is $10000?

Scott deposits $8000 in an account that earns 6% simple interest. How long will it be before the total amount is $10000?
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4 votes
Scott deposits $8000 in an account that earns 6% simple interest. How long will it be before the total amount is $10000?

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User Jahmeel
by
8.1k points

1 Answer

4 votes
A = P(1 + rt)

solve for t

t = ((A/P)-1)/r = ((10000/8000)-1)/0.06 = 4.167 years
answered
User Anusha Nilapu
by
8.4k points
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