Broderick deposits $6,000 in an account that earns 5.5% simple interest paid annually. How long will it be before the total amount is $9,000? Round your answer to the nearest year.

Question

Vivian Rangel

Mathematics

26 October, 19:32

Broderick deposits $6,000 in an account that earns 5.5% simple interest paid annually. How long will it be before the total amount is $9,000? Round your answer to the nearest year.

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Answers (2)

Know the Answer?

Layne Guerrero · Answer 1

Layne Guerrero 26 October, 19:33

0

I think its 9 years?

Paige Reeves · Answer 2

i=prt

where i is interest (9000-6000 = $3000 interest)

p is principle ($6000)

r is rate (5.5%) [taking that its 5.5%pa]

t is time

substitute these into the equation

3000 = $6000 x 5.5% x t

t = 3000 divided by (6000x5.5%)

= 3000 divided by 330

t=100/11 years

it would take 100/11 years which is approx 9.1 years