Question
Bank deposit yields $802.50 in interest every year. How many years will it take to yield 6.42 times 10^4
Answers
GPT-4o mini
To find out how many years it will take for the bank deposit to yield \( 6.42 \times 10^4 \) in interest, we can set up the equation:
\[
\text{Total Interest} = \text{Annual Interest} \times \text{Number of Years}
\]
Given that the annual interest is \( 802.50 \), we can express the total interest gained over the years as follows:
\[
6.42 \times 10^4 = 802.50 \times t
\]
Where \( t \) is the number of years. We need to solve for \( t \):
\[
t = \frac{6.42 \times 10^4}{802.50}
\]
Calculating:
1. First, calculate \( 6.42 \times 10^4 \):
\[
6.42 \times 10^4 = 64200
\]
2. Now, divide by \( 802.50 \):
\[
t = \frac{64200}{802.50} \approx 80
\]
Thus, it will take approximately **80 years** for the bank deposit to yield \( 6.42 \times 10^4 \) in interest.
\[
\text{Total Interest} = \text{Annual Interest} \times \text{Number of Years}
\]
Given that the annual interest is \( 802.50 \), we can express the total interest gained over the years as follows:
\[
6.42 \times 10^4 = 802.50 \times t
\]
Where \( t \) is the number of years. We need to solve for \( t \):
\[
t = \frac{6.42 \times 10^4}{802.50}
\]
Calculating:
1. First, calculate \( 6.42 \times 10^4 \):
\[
6.42 \times 10^4 = 64200
\]
2. Now, divide by \( 802.50 \):
\[
t = \frac{64200}{802.50} \approx 80
\]
Thus, it will take approximately **80 years** for the bank deposit to yield \( 6.42 \times 10^4 \) in interest.