How much time has passed if the amount of interest is $3,360?

Question

The equation  gives the amount of interest a bank account receives after a certain period. An individual invests $6,000 into an account that receives 7% interest. How much time has passed if the amount of interest is $3,360?

Answer 1

fv=p(1+int/c)^(nt)=6.57years

future value

premium

int

compound

yrs

times/yr

Answer 2

t = I/(Pr) = 3360/(6000·0.07) = 8 years