Question

How long will it take to earn $1800 in interest if $6000 is invested at a 6% annual interest rate? how many years

Answer 1

b. 5 years

Explanation:

Answer 2

Total interest will $1800 after 5 years.

Explanation:

It is given that the principle amount is $6000.

Rate of interest rate is 6% per annum.

Total interest is $1800.

Formula for simple interest is

`I=(P* r* t)/(100)`

Where, P is principle, r is rate of interest in percent and t is time in years.

Substitute P=6000, r=6 and I=1800 in the above formula.

`1800=(6000* 6* t)/(100)`

`1800=(36000t)/(100)`

`1800=360t`

Divide both sides by 360.

`(1800)/(360)=t`

`5=t`

Therefore the total interest will $1800 after 5 years.