Question

Please Help!

Liam opened a savings account and deposited $6000. The account earns 5% in interest annually. He makes no further deposits and does not withdraw any money. In t years, he has $8865 in this account.

Write an equation in terms of t that models the situation.

Answer 1

6000*1.5^t=8865

Explanation:

Liam starts with 6000 dollars. Since 5% is 5% OF 6000, the expression would be 6000+5%*6000. When we distribute 6000, we get: 6000(1.5). And since every year we multiply by 1.5, we should get: 6000*1.5^t. t years later=8865. So our expression would become: 6000*1.5^t=8865

Answer 2

Answer:
`8865=6000(1+(5* t)/(100))`

Explanation:

Given

Liam deposited
`P=\$\ 6000`

Rate of interest is
`R=5\ \%`

If the amount after t years is
`A=\$\ 8865`

Simple interest is given by

`S.I.=(P* R* t)/(100)`

And amount is

`A=P+S.I.`

`A=P(1+(R* t)/(100))`

Substituting values we get

`8865=6000(1+(5* t)/(100))`

`1.4775=1+(5* t)/(100)`

`0.4775(5* t)/(100)`

`5t=47.75`

`t=(47.75)/(5)=9.55\ years`