Question

If $620 is invested at 6% per
annum, how long will it be until
it reaches $713?​

Answer 1

Answer:

It will take 2 1/2 years

Step-by-step explanation:

Answer 2

Using simple interest, it is found that it will take 2.5 years for the account to reach $713.

The amount of money after t years in simple interest is modeled by:

$A(t) = A(0)(1 + rt)$

In which:

• A(0) is the initial amount.

• r is the interest rate, as a decimal.

For this problem, the parameters are: $A(t) = 713, A(0) = 620, r = 0.06$.

Then:

$A(t) = A(0)(1 + rt)$

$713 = 620(1 + 0.06t)$

$1 + 0.06t = \frac{713}{620}$

$0.06t = 1.15 - 1$

$0.06t = 0.15$

$t = \frac{0.15}{0.06}$

$t = 2.5$

It will take 2.5 years for the account to reach $713.

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