Question

Delaney is saving money in an account that offers 9% simple interest. She deposits $2,000 from her grandmother into the account and makes no additional deposits or withdrawals. How many years will it take to grow to $4,700? Round to the nearest whole year

Answer 1

15 years

Explanation:

`A=P(1+rt)\\4700=2000(1+0.09t)\\4700=2000+180t\\2700=180t\\15=t`

Therefore, it will take 15 years for the account to grow to $4,700.

Answer 2

15 years.

Explanation:

A = P x(1 + rt)

Where:

- A is the final amount ($4,700 in this case)

- P is the initial principal ($2,000 in this case)

- r is the interest rate per year (9% or 0.09 as a decimal)

- t is the number of years we're trying to find

t =
`(A-P)/(pr) \\`

t=
`(4700-2000)/(2000x0.09)`

t=
`(2700)/(180)`

t= 15

Therefore, it will take approximately 15 years for Delaney's savings to grow to $4,700.