Question

William deposited $7500 into an account that accumulated simple interest at a rate of 2.5% a year. At this rate, how long would it take for the account to reach $10,312.50?

Answer 1

15 years

Explanation:

$10,312.50-$7500 = $2,812.50 in interest we need over time

7500 x 2.5= $187.50/year (interest)

$2,812.50 / $187.50 = 15 years