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Miguel deposits $2000 into a bank account that earns simple interest. He writes the equation A(t) = 2000(1.07) t to represent the value of the account after t years,
Based on Miguel's equation, how long will it take for the account to grow to $5,000?

Respuesta :

iamthehellofthisworl

Answer:

based on the equation he would make $2.5 in the first month but realistically he would earn around $30 in the first month

Step-by-step explanation:

2000+2000(.015)(1/12)=2002.5

2002.5-2000=2.5

The account balance will take time for the account to grow to $5,000 in 2 years and 4 months.

What is simple interest?

Simple interest is the concept that is used in many companies such as banking, finance, automobile, and so on.

Miguel deposits $2000 into a bank account that earns simple interest. He writes the equation A(t) = 2000(1.07)t to represent the value of the account after t years.

The account is to grow to $5,000. Then the time will be

5000 = 2000(1.07)t

On simplifying, we have

t = 2.33

It will take for the account to grow to $5,000 in 2 years and 4 months.

More about the simple interest link is given below.

https://brainly.com/question/2793278

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