SOLUTION: how do I find if I deposit $1500 in a savings account that pays 6 percent annual interest how many years will it take to be $2500? I have 2500 = 1500(1+ .06)t how do I find t

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Question 835793: how do I find if I deposit $1500 in a savings account that pays 6 percent annual interest how many years will it take to be $2500? I have 2500 = 1500(1+ .06)t how do I find t

Answer by jim_thompson5910(35256) About Me  (Show Source):
You can put this solution on YOUR website!
If this is using simple interest (and not compound interest), then...

A = P(1 + rt)

2500 = 1500(1 + 0.06t)

2500/1500 = 1 + 0.06t

1.66666666666667 = 1 + 0.06t

1.66666666666667 - 1 = 0.06t

0.66666666666667 = 0.06t

0.06t = 0.66666666666667

t = 0.66666666666667/0.06

t = 11.1111111111111

t = 12 ... round up to the nearest year

So it will take 12 years