Answer:
You need to have the account for 6 years
Step-by-step explanation:
The formula of the simple interest is I = Prt, where
- P is the money invested
- r is the interest rate in decimal
- t is the time of investment
∵ You start with $9999 earning 3% interest
∴ P = 9999
∴ r = 3% = [tex]\frac{3}{100}[/tex] = 0.03
∵ You will invest the money to earn $1799.82 in interest
∴ I = 1799.82
- Substitute the values of I, P and r in the formula above to find t
∵ 1799.82 = 9999 × 0.03 × t
∴ 1799.82 = 299.97 t
- Divide both sides by 299.97
∴ 6 = t
∴ You need to have the account for 6 years
