Question

Find the length of time fo $500 to be the interest on $1800 at 6% p.a

Answer 1

If it is simple interest,

500 = 1800 x 6/100 x t

500 = 108t

t = 4.63 years



If it is compound interest,

2300 =1800 (1+6/100)^t

t = 4.2067 years