Broderick deposits $6,000 in an account that earns 5.5% simple interest paid annually. How long will it be before the total amount is $9,000? Round your answer to the nearest year.
i=prt where i is interest (9000-6000 = $3000 interest) p is principle ($6000) r is rate (5.5%) [taking that its 5.5%pa] t is time
substitute these into the equation 3000 = $6000 x 5.5% x t t = 3000 divided by (6000x5.5%) = 3000 divided by 330 t=100/11 years it would take 100/11 years which is approx 9.1 years
