Liam opened a savings account and deposited $ 6000 $6000dollar sign, 6000. The account earns 5 % 5%5, percent in interest annually. He makes no further deposits and does not withdraw any money. In t tt years, he has $ 8865 $8865dollar sign, 8865 in this account.

Question

Mathematics

Holly Clay

29 April, 02:38

Liam opened a savings account and deposited $ 6000 $6000dollar sign, 6000. The account earns 5 % 5%5, percent in interest annually. He makes no further deposits and does not withdraw any money. In t tt years, he has $ 8865 $8865dollar sign, 8865 in this account.

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Bryanna Ray · Answer 1

9 years 7 months

Step-by-step explanation:

I believe we're to find how long it took.

The interest on the money is $8865 - $6000 = $2865

Interest = P x t x r

P is the principal money $6000

t is time in years

r is the rate 5% = 0.05

Equating, we have

2865 = 6000 x t x 0.05

2865 = 300t

t = 2865/300 = 9.55 yrs

Approximately 9 years 7 months