Question

a deposit of $500 in an account earns 6% simple interest. how long will it be before the total amount is $575?

Answer 1

req time=2.5 year

Explanation:

simple interest=
`(P* R* T)/(100)`

where P=principle

R=rate of interest

T=time

totel amount= principle+simple interest

simple interest=totel amount-principles

simple interest=$575-$500=$75

ac/ques, 75=
`(500* 6* T)/(100)`

75=
`30*T`

T=2.5 year