SOLUTION: How many years are required for $500 to grow to $800 at 1.5% simple interest

Question 1139803: How many years are required for $500 to grow to $800 at 1.5% simple interest
Answer by ikleyn(52776) (Show Source): You can put this solution on YOUR website!
.

800 = 500 + 500*0.015*t


800 - 500 = 500*0.015*t


300       = 500*0.015*t


 = 0.015*t


 = 0.015*t


t =  =  = 40 years.   ANSWER


CHECK.  At this rate, $500 grow by  500*0.015 = 7.50 dollars per year.

        $7.50*40 = 200 dollars = 500 - 300 dollars.   ! Correct !

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