leilanipotter leilanipotter

10-04-2022
Mathematics

contestada

Approximately how many
years would it take for an
investment of $1,000 to grow
to $1,500 with a simple
interest rate of 8%?

Respuesta :

semsee45 semsee45

10-04-2022

Answer:

6.25 years

(6 years 3 months)

Step-by-step explanation:

Simple interest formula

A = P(1 + rt)

where:

A = final amount
P = principal
r = interest rate (in decimal form)
t = time (in years)

Given:

A = $1,500
P = $1,000
r = 8% = 0.08

Substitute given values into the formula and solve for t:

⇒ 1500 = 1000(1 + 0.08t)

⇒ 1500 = 1000 + 80t

⇒ 500 = 80t

⇒ t = 6.25 years

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