savings isaac opened a savings account with $9500 that earns 0.4% simple interest annually. after how many…

savings isaac opened a savings account with $9500 that earns 0.4% simple interest annually. after how many years will the balance of the account be $9652? round to the nearest tenth, if necessary. years

savings isaac opened a savings account with $9500 that earns 0.4% simple interest annually. after how many years will the balance of the account be $9652? round to the nearest tenth, if necessary. years

Answer

Explanation:

Step1: Calculate the interest earned

The initial amount (P = 9500), the final amount (A=9652). The interest (I=A - P). So (I = 9652-9500=152).

Step2: Use the simple - interest formula

The simple - interest formula is (I = Prt), where (P) is the principal amount, (r) is the annual interest rate (in decimal form), and (t) is the time in years. Given (r = 0.4%=0.004), (P = 9500), and (I = 152). Substitute these values into the formula (I=Prt): [152=9500\times0.004\times t]

Step3: Solve for (t)

First, simplify the right - hand side: (9500\times0.004 = 38). So the equation becomes (152 = 38t). Then, divide both sides by 38: (t=\frac{152}{38}).

Answer:

(4.0)