How long does $300 have to stay deposited to receive $180 at a 6% Interest rate?

Question

asked Sep 10, 2023 203k views

1 Answer

Yasan Glass · Answer 1 · 2023-09-16T01:40:36+0000

we have the following formula

$p=300+300\cdot0.06\cdot t$

so we want to know the time that has to pass in order to have 480 in the account, so we get that

$\begin{gathered} 300+18\cdot t^{}=480\rightarrow \\ 18t=180 \\ t=(180)/(18)=10 \end{gathered}$

So, if the interest rate is annual, we have that we have to wait 10 years to have 180 more in the account