SOLUTION: Clara invests $5,000 in an account that pays 6% interest per year. After how many years will her investment be worth $10,000?

Question 772561: Clara invests $5,000 in an account that pays 6% interest per year. After how many years will her investment be worth $10,000?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Clara invests $5,000 in an account that pays 6% interest per year. After how many years will her investment be worth $10,000?
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Simple Interest::::
A(t) = P(1+rt)
10,000 = 5000(1+ 0.06t)
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2 = 1+ 0.06t
1 = 0.06t
t = 100/6
time = 16 2/3 years
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Cheers,
Stan H.
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