ina wants to save money for school. Tine invests $400 in an account that pays an interest rate of 7.5%. How many years will it take for the account to reach $8,500? Round your answer to the nearest hundredth.
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Assuming this is a simple annual interest problem, you would use the equation
Where I = Interest, P = Principal (original investment), R = rate (in decimal form), and t = time (in years). You just plug each number into the equation and solve for t. The Interest will be 8,500 - 400 (8,100), since you are including your original investment.
i'm a little confused
First, change the interest rate to decimal form. this will be 0.075. You want to solve the equation for time (t) so you change the equation like so.
\[t = I \div (\Pr)\]
Then you plug in each term, for I you will use $8,100, P will be $400, r will be 0.075. Your answer will be in years.