Question

Your grandmother deposits $500 into a savings account for you to access when you get older. The account carries a 4% simple annual interest rate. If you want to let the balance grow until it is worth $700 , how many years must you wait?

Answer 1

the answer is E

Answer 2

700 = 500 + I
-> I = $200

-> 200 = 500 * 4% * t
=> 200 = 20 t
=> t = 10 yrs

Answer 3

@Faman39 My pleasure :)

Answer 4

not this one . let me take there where i need help.

Answer 5

ok

Answer 6

@Faman39

Answer 7

what d u mean the answer is E?