Mr. Singh has $300 in a savings account that pays 0.5% per year simple interest. In the equation A = represents the total amount in Mr. Singh's account in dollars, and n represents the number of years. At this rate, how long will it take for the balance in Mr. Singh's account to reach $375? 300 + (0.005 x 300)n, A

Intermediate Algebra
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ISBN:9780998625720
Author:Lynn Marecek
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Chapter10: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 443RE: Elise invests $4500 in an account that compounds interest monthly and earns 6%. How long will it...
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8. Mr. Singh has $300 in a savings account that pays 0.5% per year
simple interest. In the equation A = 300 + (0.005 × 300)n, A
represents the total amount in Mr. Singh's account in dollars, and
n represents the number of years. At this rate, how long will it take
for the balance in Mr. Singh's account to reach $375?
Transcribed Image Text:8. Mr. Singh has $300 in a savings account that pays 0.5% per year simple interest. In the equation A = 300 + (0.005 × 300)n, A represents the total amount in Mr. Singh's account in dollars, and n represents the number of years. At this rate, how long will it take for the balance in Mr. Singh's account to reach $375?
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