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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?

Solution

Solution

Time : 8

Solution steps

Translate the problem into an equation:

5800 = 5000 (1 + 0.02 t)

Solve for

t, 5800 = 5000 (1 + 0.02 t) : t = 8

Time : 8

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