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18 June, 05:36

National Bank advertises an intrest rate (in decimal form) of 0.12 if your initial investment is 500 and you want to acumalte $900 in intrest, how many years do you need to invest

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  1. 18 June, 07:48
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    It will take 15 years for $500 to yield $900 at an interest rate of 0.12

    Step-by-step explanation:

    Simple Interest equals Principal times Rate times The time in years,

    That is SI = P*R*T

    SI is $900

    P = $500

    R = 0.12

    T i. e. Time is unknown

    T will be equal to SI divided by P*R

    i. e., T = SI/PR

    T = $900/$500*0.12 = 900/60

    T = 15 years.

    Therefore, it will take $500 investment to yield $900 interest in 15 years at an interest rate of 0.12
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