The number of years it will it take for the account to grow to at least $1500 is 4
What is simple interest?
The formula for simple interest is given as:
A = P ( 1 + rt)
Where:
- A is the final amount = $1500
- P is the principal amount = $ 1000
- r is the annual interest rate = 5%
- t is the time taken = unknown
Substitute the values
1500 = 1000 ( 1 + 5t)
Divide both sides by 1000
1500/ 1000 = 1 + 5t
1. 5 = 1 + 5t
collect like terms
1. 5 - 1 = 5t
0. 5 = 5t
Make 't' the subject of formula
t = 5/ 0. 5
t = 10 years
Thus, the number of years it will it take for the account to grow to at least $1500 is 4
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