Question

Ana wants to take a trip to japan in 8 years. She currently has $4,200 in her account. How long will it take for her to double her balance with a 3.5% simple interest rate so she has enough money to go on her trip?

Answer 1

28.6 years

Explanation:

If the balance doubles then Ana will have a total of 8400 in her account. The interest earned with thus be;

8400-4200 = 4200

Next, we apply the simple interest formula to determine the duration it will take for this level of interest to be realized;

`I=(PRT)/(100)\\ 4200=(4200*3.5*T)/(100)\\ 100=3.5*T\\T=28.6 years`