SOLUTION: A man deposited $5000 in a bank paying 6% simple interest. How many years will it take to earn $6000 in interest? Use I=Prt

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: A man deposited $5000 in a bank paying 6% simple interest. How many years will it take to earn $6000 in interest? Use I=Prt       Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 218391: A man deposited $5000 in a bank paying 6% simple interest. How many years will it take to earn $6000 in interest? Use I=Prt

Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
I=Prt
t=I/Pr
t=6000/5000*.06
t=6000/300
t=20 yrs