Slater begins saving for college tuition. He invests $1,000 in an account that pays 2.5% simple interest. How many years before his account has reached $1,500?
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number of years is=20 is the answer
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The formula is Interest = principle times rate times time in years. I=prt p=1000 r= 0.025 t=x To find the amount of interest that is earned in a specific time frame, subtract the final amount of money by the principal. 1500-1000=500. 500 = 1000(0.025)x 500 = 25x x= 20 years
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