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7 December, 14:56

Scott deposits $8000 in an account that earns 6% simple interest. How long will it be before the total amount is $10000?

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  1. 7 December, 15:10
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    A = P (1 + rt)

    solve for t

    t = ((A/P) - 1) / r = ((10000/8000) - 1) / 0.06 = 4.167 years
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