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14 November, 12:44

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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  1. 14 November, 14:23
    0
    I think its 9 years?
  2. 14 November, 14:43
    0
    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
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