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10 November, 13:51

You deposit 5000 in an account that earns 5% simple interest. How log will it be before the total amount is 6000

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Answers (2)
  1. 10 November, 16:13
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    do you have answer choices? but im guessing 6%
  2. 10 November, 17:20
    0
    my answer is 26

    You want to calculate the interest on $5000 at 5% interest per year after 26 year (s).

    The formula we'll use for this is the simple interest formula, or:

    Where:

    P is the principal amount, $5000.00.

    r is the interest rate, 5% per year, or in decimal form, 5/100=0.05.

    t is the time involved, 26 ... year (s) time periods.

    So, t is 26 ... year time periods.

    To find the simple interest, we multiply 5000 * 0.05 * 26 to get that:

    The interest is: $6500.00

    Usually now, the interest is added onto the principal to figure some new amount after 26 year (s),

    or 5000.00 + 6500.00 = 11500.00.
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