The time it will take to have $3000 grow to $3250 at 4% simple interest is 2.083 years
Interest rate = 4%
Principal = $3000
Final amount = $3250
Recall :
- A = P(1 + rt)
- Where A = final amount ; P= principal ; r = rate ; t = time taken
Here, we are to calculate the time taken ; Inputting the parameters into the equation :
3250 = 3000(1 + 0.04t)
Divide both sides by 3000
3250/3000 = 1 + 0.04t
1.0833333 = 1 + 0.04t
Subtract 1 from both sides to isolate 0.04t
1.0833333 - 1 = 0.04t
0.083333 = 0.04t
Divide both sides by 0.04 to isolate t
2.08333 = t
Hence, it will take 2.083 years for the deposit to grow to $3250.
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