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

2 Answers
EZ as pi
Nov 16, 2016

#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

Nityananda
Nov 16, 2016

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

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