Question

Victoria depoited $15,000 into a aving account that earn an annual imple interet rate of 0. 2%. To the nearet tenth of a year, how long will it take for the account to reach $15,500?

Answer 1

At an interest rate of 0.2% per year, $15500 will be reached from $15000 in 16.67 years.

What is percent?

In essence, percentages are fractions with a 100 as the denominator. We place the percent symbol (%) next to the number to indicate that the number is a percentage. For instance, you would have received a 75% grade if you answered 75 out of 100 questions correctly on a test (75/100). A value or ratio that may be stated as a fraction of 100 is referred to as a percentage in mathematics. If we need to calculate a percentage of a number, we should divide it by its entirety and then multiply it by 100.

Here,

Principal=15000

Rate of interest=0.2%

Interest amount per year=15000*0.2%

=$30

Let n be the number of years,

15500=15000+30n

500=30n

n=50/3

n=16.67 years

It will take 16.67 years to reach the amount of $15500 from $15000 at the interest rate of 0.2% per year.

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