Question

How long will it take $51,000 to grow to $54,213 at a simple interest rate of 2.1%?

Answer 1

`3` years

Explanation:

The growth in the investment is the amount of simple interest which has been earned.

`$3,213` is the amount of interest. (SI)
`$51,000` is the Principal (P)
`2.1%` is the Rate (R)
The time is the number of years. (T)

`SI = (PRT)/100`

`3,213 = (51,000 xx2.1 xxT)/100`

`T = (3,213xx100)/(51,000xx2.1)`

`T = 3` years

Answer 2

3 YEARS

Explanation:

we know , I = PRT/100 where I = Interest i.e ($54,213 - $51,000 = 3,213), P = Principal i.e. $51,000, R = Rate of Interest i.e. 2.1%, T = Time.
So, `3,213 = [51,000*2.1*T]/100`
or,`T = [3,213*100]/[51,000*2.1]` = 3