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OpenStudy (anonymous):
Suppose you deposit $5,000 in a savings account that earns 3% annual interest. If you make no other withdrawals or deposits, how many years will it take the account balance to reach at least $6,000? 10 years 6 years 7 years 4 years
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OpenStudy (anonymous):
7 years
OpenStudy (anonymous):
3% of 5000 is 150, so after 7 years, you'll have 1050 saved of interest, plus the original 5000= 6050.
OpenStudy (anonymous):
Gotcha, that makes sense! Thank you so much!
OpenStudy (anonymous):
no problem :)
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