189k views
0 votes
Enola wants to invest $8,600.00 in a savings account that pays 5.1% simple interest.

How many years will it take for this investment to triple in value?

Round your answer to the nearest tenth of a year.

It will take ________ years for this investment to triple in value.

Enola wants to invest $8,600.00 in a savings account that pays 5.1% simple interest-example-1
User Charnise
by
6.7k points

1 Answer

3 votes

Explanation:

To find the number of years it will take for Enola's investment to triple in value, we can use the formula for simple interest:

I = P * r * t

where I is the total interest earned, P is the principal (the initial amount invested), r is the interest rate, and t is the number of years.

Since the investment will triple in value, the total interest earned will be equal to two times the initial investment, or 2 * $8,600.00 = $17,200.00. Substituting these values into the formula and solving for t, we get:

$17,200.00 = $8,600.00 * 5.1% * t

t = $17,200.00 / ($8,600.00 * 5.1%) = 3.28 years

Rounding this value to the nearest tenth of a year, we get t = 3.3 years. Therefore, it will take approximately 3.3 years for Enola's investment to triple in value.

User KAGG Design
by
7.3k points
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.