EmoSkullCrusher
Answered

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Suppose you invest $1000 in a savings account that pays 5% annual interest. If you make no additional deposits or withdrawals, how many years will it take for the account to grow to at least $1500? (Hint: graph the equation in Desmos and find the point where the account contains $1500)

Sagot :

The number of years it will it take for the account to grow to at least $1500 is 4

What is simple interest?

The formula for simple interest is given as:

A = P ( 1 + rt)

Where:

  • A is the final amount = $1500
  • P is the principal amount = $ 1000
  • r is the annual interest rate = 5%
  • t is the time taken = unknown

Substitute the values

1500 = 1000 ( 1 + 5t)

Divide both sides by 1000

1500/ 1000 = 1 + 5t

1. 5 = 1 + 5t

collect like terms

1. 5 - 1 = 5t

0. 5 = 5t

Make 't' the subject of formula

t = 5/ 0. 5

t = 10 years

Thus, the number of years it will it take for the account to grow to at least $1500 is 4

Learn more about simple interest here:

https://brainly.com/question/20690803

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