Question

$25000 is invested at 6.5% per annum simple interest how long will it take for the amount to add up to$34000

Answer 1

Given:

Total amount invested = $25000

Interest rate = 6.5% p.a. simple interest

total amount at the end = $34000

To Find:

The number of years needed

Solution:

Find the interest earned per year:

Interest per year = 6.5% x $25000

Interest per year = 0.065 x 25000

Interest per year = $1625

Find the interest earned:

Interest earned = 34000 - 25000

Interest earned = $9000

Find the number of years needed:

Years needed = 9000 ÷ 1625

Years needed =5.5

Answer: It takes about 5 and a half year to have the amount add up to $34000

Answer 2

Answer:

it take about 5 and half years to have a amount add up to $34000