a bank deposit yields $802.50 in interest every year how many years will it take to use 6.42 * 10 exponent 4 dollars.?

Answer 1

To determine how many years it will take to use $64,200 (which is \( 6.42 \times 10^4 \) dollars) based on an annual interest yield of $802.50, you can use the following formula:

\[ \text{Number of years} = \frac{\text{Total amount}}{\text{Annual interest}} \]

Plugging in the values:

\[ \text{Number of years} = \frac{64200}{802.50} \]

Now, performing the division:

\[ \text{Number of years} = 80 \]

So, it will take 80 years to use $64,200 at a rate of $802.50 in interest every year.