You deposit $5000 in an account earning 7.5% simple interest. How long will it take for the balance of the account to be $6500?

Question

I need help in my math homework about interests.

Answer 1

Every year, the account gains 7.5% of the $5000.

 

6500 = 5000(0.075)t

6500 = 375t

t = 17 1/3 = 17 years and 4 months