The account balance will take time for the account to grow to $5,000 in 2 years and 4 months.
What is simple interest?
Simple interest is the concept that is used in many companies such as banking, finance, automobile, and so on.
Miguel deposits $2000 into a bank account that earns simple interest. He writes the equation A(t) = 2000(1.07)t to represent the value of the account after t years.
The account is to grow to $5,000. Then the time will be
5000 = 2000(1.07)t
On simplifying, we have
t = 2.33
It will take for the account to grow to $5,000 in 2 years and 4 months.
More about the simple interest link is given below.
https://brainly.com/question/2793278
