Respuesta :
Mika has to leave her money in the account for 35 years to reach her goal
Solution:
Given, Mika has $2000.00 but she needs $4100.00.
She found a savings account that will pay her 3% simple interest
Now, according to question,
Amount Mika has already(which is 2000) + 3 % simple interest on 2000 = 4100
This leaves us with a equation which is shown below:
2000 + simple interest on 2000 = 4100 --- eqn 1
So, let us calculate the simple interest on $ 2000 with 3% interest for "t" years
[tex]\text { Simple interest }=\frac{\text { prinicipal amount } \times \text {rate} \times \text {time}}{100}[/tex]
[tex]\begin{array}{l}{=\frac{2000 \times 3 \times t}{100}} \\\\ {=\frac{2000 \times 3 \times t}{100}=20 \times 3 \times t=60 t}\end{array}[/tex]
So, now, put this value in above equation 1,
2000 + simple interest = 4100
2000 + 60t = 4100
60t = 4100 – 2000
t = 35
Hence, she has the leave the amount of $2000 in the bank for 35 years.
