Question

: Mr. Randle opened an account with a deposit of $5,000. The account earned 7.5% interest simple interest. If he opened the account on 01/01/2000 on what date would he have a balance of $6,500. Please use this format - 01/01/2000

Answer 1

Nonessential that mean if it’s not than it doesn’t matter

Answer 2

Explanation:

The formula for determining simple interest is expressed as

I = PRT/100

Where

I represents interest paid on the amount of money deposited.

P represents the principal or amount of money deposited.

R represents interest rate on the deposit.

T represents the duration of the deposit in years.

From the information given,

P = $5000

R = 7.5%

Total balance = $6500

I = 6500 - 5000 = $1500

Therefore,

1500 = (5000 × 7.5 × T)/100

1500 = 375T

T = 1500/375

T = 4 years

The date would be

01/01/2004