Suppose you deposit $5,000 in a savings account that earns 3% annual interest. if you make no other withdrawals or deposits, how many years will it take the account balance to reach at least $6,000? a. 10 years. b. 6 years. c. 7 years. d. 4 years

You need to use the equation y=p(1+r)^t where p= the principle (initial amount), r= the rate of decay or growth, and t= the time. So y=5,000(1.03)^x is the equation you'd want to use. At 6 years you'd have $5,970.3 and at 7 $6,149.40, so the answer is C.