.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?

A) 4
B) 5
C) 10
D) 20

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? 

A) 4
 B) 5
 C) 10
 D) 20

anonymous · Answer

Do you what formula to apply?

anonymous · Answer

If you know, why don't you post here and I can check the result for you :)

anonymous · Answer

oh wait i thought you meant do i want you to show me what formula to apply. i dont no , but i would like for you to explain it to me because i dont understand how to do this?

anonymous · Answer

Just post the formula first, will you!

anonymous · Answer

what formula?

anonymous · Answer

I already asked "Do you what formula to apply?", then you said "Yes"

anonymous · Answer

4% (4/100)= .04
 (.04 X 500)= yearly interest accrual
now i dont no what to do after this.

anonymous · Answer

I=PRT
200=500(.04)T
Ans=20