of 10: Your laptop died and you need a new one for work NOW! The one you need will cost $500. You do not...
a) 1 year
b) 2 years
c) 5 years
Answer: b) 2 years
Explanation: The savings account earns 3% interest per year. After withdrawing $500, the balance is $8,500. To find out how long it will take to reach $9,000 again, we calculate the time required for $8,500 to grow to $9,000 at 3% interest per year.
Using the formula for compound interest: A = P(1 + r)^t, where A is the amount, P is the principal, r is the rate, and t is the time in years:
9000 = 8500(1 + 0.03)^t
1.0588 ≈ (1.03)^t
t ≈ 2 years
Snap a photo of your homework and get a step-by-step answer in seconds. You can ask follow-up questions until it makes sense.
Solve my question free Math help Find a math tutor© 2026 SnapAndSolve