Alicia Eastman deposited $2,000 in a savings account at the Biltmore Bank paying 6% ordinary interest. How many years will it take for her investment to amount to $2,600?

Question

Using the scenario from the previous question, determine the maturity date of the loan.

Answer 1

I - PRT

600 = 2000 * 0.06 * T

600 = 120T

600 / 120 = T

? = T

Answer 2

t=5