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Mrs. Wheeler is looking to make a deposit of $1,500 dollars into a savings account that earns simple interest at a rate of 4.8% per year. How many years will it take for her account to reach $1,860 if she does not deposit or withdraw any money from it?






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Answer :

alexnicholls002
1500+4.8x=1860

Minus 1500 and divide by 4.8 to get 75 I’m not sure if it’s true so don’t quote me on it

Answer:

Step-by-step explanation:

The formula for simple interest is expressed as

I = PRT/100

Where

I is the interest

P is the principal

R is the rate in percentage

The simple interest is earned only on the principal and not on compounded earnings

From the information given

P = $1500

R = 4.8%

Since she wants a total amount of $1,860 after a number of years, it means the interest on her principal will be 1860 - 1500 = $360

So we would solve for the number of years it will take to earn $360 interest. Therefore

360 = (1500 × 4.8 × t)/100

72t =360

t = 360/72 = 5

It will take 5 years

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