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Answer :
The number of years to grow the amount from $8,000 to $10,000 will be 6.25 years.
What is simple interest?
Let P be the principal, R be the rate of interest, and T be the time. Then the interest rate is given as,
The formula for interest is written as,
I = (PRT)/100
The equation is given below.
10000 = 8000(1 + .04t)
Where 't' represents the number of years. Then solve the equation for 't', then we have
10000 = 8000(1 + 0.04t)
1.25 = 1 + 0.04t
0.04t = 0.25
t = 0.25 / 0.04
t = 6.25 years
The number of years to grow the amount from $8,000 to $10,000 will be 6.25 years.
More about the simple interest link is given below.
https://brainly.com/question/2793278
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