Looking for trustworthy answers? Westonci.ca is the ultimate Q&A platform where experts share their knowledge on various topics. Experience the convenience of finding accurate answers to your questions from knowledgeable experts on our platform. Get precise and detailed answers to your questions from a knowledgeable community of experts on our Q&A platform.

You put $500 in the bank, where it ears 1.5% simple interest every year. How long until your money will triple?

Sagot :

fichoh

Answer:

133.33 years

Step-by-step explanation:

Given that:

Principal = $500

Interest rate (r) = 1.5% = 0.015

Triple amount of principal = $500 * 3 = $1500 = final amount (A)

Number of years (t) =?

Using the relation :

A = P(1 + rt)

1500 = 500(1 + 0.015t)

1500 / 500 = 1 + 0.015t

3 = 1 + 0.015t

3 - 1= 0.015t

2 = 0.015t

2 / 0.015 = 0.015t / 0.015

133.333 = t

133.33 years

We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. Thank you for visiting Westonci.ca, your go-to source for reliable answers. Come back soon for more expert insights.