OttoG403103 OttoG403103
  • 03-11-2022
  • Mathematics
contestada

Situation:Holly wants to save money for anemergency. Holly invests $1,000 in anaccount that pays an interest rate of6.25%

Respuesta :

ZakiyahS249684 ZakiyahS249684
  • 03-11-2022

Given data:

Amount of money invested, P = $1000

Interest rate, r = 0.0625

Total money in the account, A = 5500

Now, to find the years use simple interest rate formula that is

[tex]A=P(1+rt)[/tex]

Therefore, t will become

[tex]t\text{ = (A/P}-1\text{)/r}[/tex]

Putting the values we get,

[tex]t=(\frac{5500}{1000}-1)\text{ / 0.0625}[/tex][tex]\begin{gathered} t=(5.5-1)\text{ / 0.0625} \\ t=\frac{4.5}{0.0625} \\ t=72 \end{gathered}[/tex]

Thus, it will take 72 years for the account to reach 5500.

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