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You have $4300 that you invest at 5% simple interest. How long will it take for your balance to reach $7525
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You have $4300 that you invest at 5% simple interest. How long will it take for your balance to reach $7525

User Chrisvdberge
by
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1 Answer

3 votes

Answer:

15 years

Step-by-step explanation:

simple interest = PRT/100

Principal= $ 4300

Rate=5%

Interest = $7525 - $ 4300= $ 3225

making the time the subject of the formula:

T = 100 I/PR

T = 100 * 3225/4300 * 5

T= 322500/21500

T= 15 years

User Squirly
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