Answer:
The time t is [tex]9.55\ years[/tex]
Step-by-step explanation:
we know that
The simple interest formula is equal to
[tex]A=P(1+rt)[/tex]
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest
t is Number of Time Periods
in this problem we have
[tex]t=t\ years\\ P=\$6,000\\ A=\$8,865\\r=0.05[/tex]
substitute in the formula above and solve for t
[tex]8,865=6,000(1+0.05t)[/tex]
[tex](8,865/6,000)=(1+0.05t)[/tex]
[tex]0.05t=(8,865/6,000)-1[/tex]
[tex]t=[(8,865/6,000)-1]/0.05[/tex]
[tex]t=9.55\ years[/tex]
