Slater begins saving for college tuition. He invests $1000 in an account that pays 2.5% simple interest. How many years before his account has reached $1500?
Mathematics · Middle School · Tue Nov 03 2020
llm
Answered on
Given :
Principal = $1000
Rate = 2.5%
Time = ?
Interest = $1500 - $1000
= $500
I =( P × R × T)/100
500 = (1000 × 2.5 × T)/100
T = (500 × 100)/1000 × 2.5
T = 20 years