Answer:
Number of year = 50 year
Step-by-step explanation:
Given:
Amount deposit in account = $500
Rate of interest = 6 % = 0.06 (Simple interest)
Future amount = $2,000
Find:
Number of year
Computation:
A = P + I
2,000 = 500 + I
Amount of interest I = $1,500
I = PRT
1,500 = 500 x 0.06 x Number of year
1,500 = 30 x Number of year
Number of year = 1,500/30
Number of year = 50 year
