Question

WILL GIVE BRAINLIEST
When melissa is born her parents invested 2,000 in a fund that paid an annual interest of 6%. How old will melissa be when the investment is worth at least $5,000?

Answer 1

Answer:

25 years

Step-by-step explanation:

Given data

Principal P=  $2000

Interest rate r=  6%

FInal amount A=$5,000

The simple interest formula is given as

A=P(1+rt)

substitute and solve for t

5000=2000(1+0.06*t)

5000=2000+120t

5000-2000=120t

3000=120t

t= 3000/120

t= 25 years

Hence, for a simple interest investment, she will be 25 years