Question

WILL MEDAL AND FAN
Your grandmother deposits five hundred dollars into a savings account for you to access when you get older. The account carries a four percent simple annual interest rate. If you want to let the balance grow until it is worth seven hundred dollars, how many years must you wait?

Answer 1

I = Prt
200=500(.04)t

Answer 2

solve for t and t is 10 years

Answer 3

so is it 5

Answer 4

well, I know that it needs to be 700 total. the left side is then 200 so that the principal added to that would be 700.

If you had a principal of 200 at 5% interest for 8 years its..

0 = 200(.05)(8)

that will give me the amount of interest earned...

since it asked for the time it would take.. I put that as a variable t...

and put an extra 200 on the other side of the equation

Answer 5

It would take 10 years.. yea