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len invests $5200 at 3% simple interest, while his friend Dave invests $3600 at 5% simple interest. how long will it take for Dave's investment to be worth more than Leni's?

Can someone provide the formula to solve the above question? thx!

Respuesta :

apologiabiology
simple interest
I=PRT
Interest=Principal times Rate times Time
principal=amount invested
rate=rate in decimal
t=time in years
so
they take the same time
investment will be origianl+3% of it each time
Len=5200+(5200 times 0.03 times t)
Dave=3600+(3600 times 0.05 times t)
so when will dave's investment be more than len's?

dave>len
3600+(3600 times 0.05 times t)>5200+(5200 times 0.03 times t)
3600+180t>5200+156t
minus 156t both sides
3600+24t>5200
minus 3600 both sides
24t>1600
divide both sides  by 24
t>66.6666666666666666666
so after 67 years

It take for Dave's investment to be worth more than Leni's after 67 years.

We have given that,

len invests $5200 at 3% simple interest, while his friend Dave invests $3600 at 5% simple interest. how long will it take for Dave's investment to be worth more than Leni's

What is the formula for the simple interest?

I=PRT

Interest=Principal times Rate times Time

principal=amount invested

rate=rate in decimal

t=time in years

so they take the same time

Investment will be origianl+3% of it each time

Len=5200+(5200 times 0.03 times t)

Dave=3600+(3600 times 0.05 times t)

So when will dave's investment be more than len's

dave>len

3600+(3600 times 0.05 times t)>5200+(5200 times 0.03 times t)

3600+180t>5200+156t

minus 156t both sides

3600+24t>5200

minus 3600 both sides

24t>1600

divide both sides  by 24,

t>66.6666666666666666666

so after 67 years,

It take for Dave's investment to be worth more than Leni's after 67 years.

To learn more about the investment visit:

https://brainly.com/question/25300925

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