Given the equation:
A = 500 + (0.006 x 500)n
Where:
A is the total amount in his account in dollars.
n is the number of years.
Let's find how long it will take for the balance to reach $650
To find the time it will take, substitute 650 for A and solve for n.
650 = 500 + (0.006 x 500)n
650 = 500 + (3)n
Subtract 500 from both sides:
650 - 500 = 500 - 500 + 3n
150 = 3n
• Divide both sides by 3:
[tex]\begin{gathered} \frac{150}{3}=\frac{3n}{3} \\ \\ 50=n \\ \\ n=50 \end{gathered}[/tex]
Therefore, it will take 50 years for the balance to reach $650.
ANSWER:
50 years
