Broderick deposits $6,000 in an account that earns 5.5% simple interest. How long will it be before the total amount is $9,000?

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Answer 1 · 2016-07-04T15:56:34

years and 1 month.

To be worth $9000, he has to have earned $3000 in interest.

Using the formula for simple interest...

#SI = (PxxRxxT)/100 " change the subject to be " T #

#T = (100xxSI)/(PxxR)#

#T = (100 xx 3000)/(6000 xx 5.5)#

# T = 9.09# years, or 9 years and 1 month