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Broderick deposits $6,000 in an account that earns 5.5% simple interest. How long will it be before the total amount is $9,000?

Answer 1

Julia Adams

years and 1 month.

To be worth $9000, he has to have earned$ 3000 in interest.

Using the formula for simple interest...

#SI = (PxxRxxT)/100 " change the subject to be " T #

#T = (100xxSI)/(PxxR)#

#T = (100 xx 3000)/(6000 xx 5.5)#

# T = 9.09# years, or 9 years and 1 month

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Answer 2

Isaiah Anthony

To find the time it takes for the total amount to reach $9,000 with simple interest, you can use the formula:

(I = P \cdot r \cdot t)

Where:

(I) is the interest earned
(P) is the principal amount (initial deposit)
(r) is the interest rate (in decimal)
(t) is the time (in years)

Given: (P = $6,000\), $r = 5.5\% = 0.055$, \(I =$ 9,000 - $6,000 =$ 3,000)

Plug the values into the formula and solve for (t):

(3,000 = 6,000 \cdot 0.055 \cdot t)

(t = \frac{3,000}{6,000 \cdot 0.055})

(t \approx \frac{3,000}{330})

(t \approx 9.09)

So, it will take approximately 9.09 years for the total amount to reach $9,000 with simple interest.

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Answer from HIX Tutor

When evaluating a one-sided limit, you need to be careful when a quantity is approaching zero since its sign is different depending on which way it is approaching zero from. Let us look at some examples.