Question

6. Cyrus deposited $4,300 into his savings account, which pays 4% interest. How many yearshave passed before he has $4,816?

Answer 1

Step 1

The formula is given as;

`A=P(1+rt)`

Where;

`\begin{gathered} A=\text{ \$4816} \\ P=\text{ \$4300} \\ r=(4)/(100)=0.04\text{\%} \\ t=? \end{gathered}`

Step 2

`4816=4300(1+0.04(t))`
`\begin{gathered} 4816=4300+172t \\ 4816-4300=172t \\ 172t=516 \\ t=(516)/(172) \\ t=3 \end{gathered}`

Answer;

`Time=3\text{ years}`