To find out how many years it will take to yield \( 6.42 \times 10^4 \) dollars in interest when the bank deposit yields \( 802.50 \) dollars in interest every year, you can set up the following equation:
\[ \text{Total Interest} = \text{Interest per Year} \times \text{Number of Years} \]
Substituting the values:
\[ 6.42 \times 10^4 = 802.50 \times t \]
Where \( t \) is the number of years. Now, solve for \( t \):
\[ t = \frac{6.42 \times 10^4}{802.50} \]
Calculating the right side:
-
Calculate \( 6.42 \times 10^4 \): \[ 6.42 \times 10^4 = 64200 \]
-
Now divide by \( 802.50 \): \[ t = \frac{64200}{802.50} \approx 80 \]
Thus, it will take approximately 80 years to yield \( 6.42 \times 10^4 \) dollars in interest.
1 answer