Mathematics: Ben makes a deposit of $1,200 into a savings account. the bank calculates simple interest annually at a rate of 6%. interest is added every year on the anniversary of the initial deposit. how many years must ben wait before his investment exceeds $1,500? give your answer in years.

I like mathStep-by-step explanation:...

Ben makes a deposit of $1,200 into a savings account.

adrianvigil6400

08.01.2022

Ben must wait more than 4.2 years

Step-by-step explanation:

step 1

we know that

The simple interest formula is equal to

A=P(1+rt)

where

A is the Final Investment Value

P is the Principal amount of money to be invested

r is the rate of interest

t is Number of Time Periods

in this problem we have

$t=?\ years\\ P=\$1,200\\r=6\%=6/100=0.06\\A\$1,500$

substitute the values

1,200(1+0.06t)1,500

Solve for t

Divide by 1,200 both sides

(1+0.06t)1.25

Subtract 1 both sides

0.06t1.25-1

0.06t0.25

Divide by 0.06 both sides

$t4.2\ years$

therefore

Ben must wait more than 4.2 years

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