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OpenStudy (anonymous):
How long will it take to earn $525 in interest if $3500 is invested at a 6% annual interest rate?
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thomaster (thomaster):
first find the formula to calculate interest in x years
OpenStudy (nurali):
Investing $3500 at an annual interest rate of 6% it would take about 2.4 years to earn $525 in interest.
thomaster (thomaster):
\(\Large N(t)=3500*1.06^X\) \(\large 3500*1.06^X=4025\) solve for x
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