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

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Question 1139803: How many years are required for $500 to grow to $800 at 1.5% simple interest
Answer by ikleyn(52776) About Me  (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


300%2F500 = 0.015*t


3%2F5 = 0.015*t


t = %28%283%2F5%29%29%2F0.015 = 0.6%2F0.015 = 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 !