Question

Sam initially invested $4,500 into a savings account that offers an interest rate of 3% each year. He wants to determine the number of years, t, for which the account will have less than or equal to $7,020. Create the inequality that represents this situation.

Answer 1

Answer:

$4500+4500\times 0.03\times t\leq 7020$

Step-by-step explanation:

Sam initially invested $4500 into saving account that offers an interest rate of 3% each year.

It would be simple interest problem because rate isn't compounded.

Simple interest formula

SI=PRT

where,

SI=Simple interest

P=Principal

R=Rate of interest

T=Number of years

Sam account will have less than or equal to $7020 after t years.

Inequality form :

$4500+4500\times 0.03\times t\leq 7020$

If we solve above inequality. we get t=18 years.

Answer 2

Answer:Answer:

Step-by-step explanation:

Sam initially invested $4500 into saving account that offers an interest rate of 3% each year.

It would be simple interest problem because rate isn't compounded.

Simple interest formula

SI=PRT

where,

SI=Simple interest

P=Principal

R=Rate of interest

T=Number of years

Sam account will have less than or equal to $7020 after t years.

Inequality form :

If we solve above inequality. we get t=18 years.

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Step-by-step explanation: