Question

Nicole deposited $2,000 at 6% simple interest. How long will it be before she has $2,600 in her account?

Answer 1

5 years, you have to make 6% a decimal so it would be 0.06. You would then multiply 2000 and 0.06 and get 120. You keep adding 120 to 2,000 until you reach 2,600. Hope this helped!

Answer 2

I=PRT
Intersets=amount invested times rate in decimal times time in years

amoount total=invested+interest

so

2000+I=2600
minus 2000 both sides
I=600
find when 600 interst is made

600=2000 times 0.06 times t
600=120 times t
divide both sides by 120
5=t

5 years