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Delaney is saving money in an account that offers 8% simple interest. She deposits $\$2,000$ from her grandmother into the account and makes no additional deposits or withdrawals. How many years will it take to grow to $\$4,700$? Round to the nearest whole year.

 Feb 3, 2021
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We can use

 

A =  P  +  Prt

 

Where A is the  final amount, P  = the original amount, r  =the interset rate as a decimal, t = the time in years

 

4700  =2000  + 2000 (.08) t       subtract 2000 from both sides

 

2700 =  2000 (.08)t

 

2700 = 160 t           divide  both sides  by 160

 

2700 /  160   = t   = 16.875 yrs  =   17 yrs  (rounded)

 

 

cool cool cool

 Feb 3, 2021

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