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Popular Word Problems >

you deposit 5000 into a savings account. You leave it in there for a certain amount of time. There is a 2% interest rate and after a certain number of years, you withdraw the amount and have 5800. How many years did you leave the deposit in the savings account?

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Solution

youdeposit5000intoasavingsaccount.Youleaveitinthereforacertainamountoftime.Thereisa2%interestrateandafteracertainnumberofyears,youwithdrawtheamountandhave5800.Howmanyyearsdidyouleavethedepositinthesavingsaccount?

Solution

Time:8
Solution steps
Translate the problem into an equation:5800=5000(1+0.02t)
Solve for t,5800=5000(1+0.02t):t=8
Time:8

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