Question

Broderick deposits $6,000 in an account that earns 5.5% simple interest paid annually. How long will it be before the total amount is $9,000? Round your answer to the nearest year.

Answer 1

I think its 9 years?

Answer 2

i=prt
where i is interest (9000-6000 = $3000 interest)
p is principle ($6000)
r is rate (5.5%) [taking that its 5.5%pa]
t is time

substitute these into the equation
3000 = $6000 x 5.5% x t
t = 3000 divided by (6000x5.5%)
= 3000 divided by 330
t=100/11 years
it would take 100/11 years which is approx 9.1 years