7 Carly has a bank account with a balance of $3,575. The account pays simple interest at a rate of
4.15%. How long will it take for the account to grow to $7000? Round to the nearest year.

It will take 23 years for the account to grow to $7000.

Step-by-step explanation:

Simple Interest

The simple interest formula is given by:

In which E is the amount of interest earned, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time.

After t years, the total amount of money is:

Carly has a bank account with a balance of $3,575.

This means that

The account pays simple interest at a rate of 4.15%.

This means that

How long will it take for the account to grow to $7000?

The interest is:

Now we have to find t.

Rounding to the nearest year, it will take 23 years for the account to grow to $7000.

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