Holly wants to save money for an emergency. Holly invests $600 in an account that pays an interest rate of 7.5%.
How many years will it take for the account to reach $7,600? Round your answer to the nearest hundredth.

Question

Holly wants to save money for an emergency. Holly invests $600 in an account that pays an interest rate of 7.5%.
How many years will it take for the account to reach $7,600? Round your answer to the nearest hundredth.

welshfella · Answer

Is the interest compounded each year?

boat25 · Answer

Doesn't say but I assume so.

boat25 · Answer

I keep getting stuck on these questions

aakashtomar · Answer

Well, @welshfella  is right, we need to know if it's simple interest or compound interest.

boat25 · Answer

Thats all the question gives me

boat25 · Answer

P  = amount of money invested
r  = interest rate percentage in decimal form 
t  = time in years A  = total money in the account at time t 
A = P (1 + r )^t
I use this formula that it gives me and keeps saying incorrect

aakashtomar · Answer

Then try using 
$$I = (P \times R \times T) / 100$$

boat25 · Answer

I=(600 * .75 * T)/100 ?