Tom deposits $1000.00 in a savings account that earns 5% simple interest. How long will it take for the total of his account to reach $1350.00
A = P + Prt
1350 = 1000 + 1000(.05)(t)
solve for t.
100
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-A Ravenclaw
To calculate the time it will take for the total of the savings account to reach $1350.00, we need to use the formula for simple interest:
Interest = Principal × Rate × Time
Given:
Principal (P) = $1000.00
Rate (R) = 5% = 0.05 (as a decimal)
Total Amount (A) = $1350.00
Let's rearrange the formula to solve for Time (T):
Interest = Total Amount - Principal
Interest = A - P
Interest = $1350.00 - $1000.00 = $350.00
Interest = Principal × Rate × Time
350.00 = 1000.00 × 0.05 × Time
350.00 = 50.00 × Time
Now, divide both sides of the equation by 50:
350.00 / 50.00 = Time
7 = Time
Therefore, it will take Tom 7 time units (e.g., years, months) for the total of his savings account to reach $1350.00.