You deposit 5000 in an account that earns 5% simple interest. How log will it be before the total amount is 6000

do you have answer choices? but im guessing 6%

my answer is 26

You want to calculate the interest on $5000 at 5% interest per year after 26 year (s).

The formula we'll use for this is the simple interest formula, or:

Where:

P is the principal amount, $5000.00.

r is the interest rate, 5% per year, or in decimal form, 5/100=0.05.

t is the time involved, 26 ... year (s) time periods.

So, t is 26 ... year time periods.

To find the simple interest, we multiply 5000 * 0.05 * 26 to get that:

The interest is: $6500.00

Usually now, the interest is added onto the principal to figure some new amount after 26 year (s),

or 5000.00 + 6500.00 = 11500.00.