Question

You invest $75 in a savings account that pays 2% annual interest. If you make no additional deposits or withdrawals, how many years will it take for the account to grow to at least $100?
A. 12 years
B. 10 years
C. 15 years
D. 17 years
Hurry please i need help

Answer 1

D. 17 years ;

First, you would do 75 • .02 to figure out what 2% of 75 is, which it is 1.5.

Then, you divide 25 by 1.5, and get 16.66; which you would round to 17.

Hope this helps !

Answer 2

The time taken to amount to be $100 is approx. 17 years.

Option D is correct.

Simple interest:

It is given that, principal amount is $75 and rate of interest is 2%.

Let us consider that, time taken to become amount $100 is t years.

          Interest = 100 - 75 = $25

As we know that,

        Interest = (P*r*t)/100

Where P is principal, r is rate and t is time.

            $25=\frac{75*2*t}{100} \\\\t=\frac{2500}{150}=16.67$

Therefore, time taken to amount to be $100 is approx. 17 years.

Learn more about the interest here:

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