You want to save $10,000 to buy a new car. you deposit $6500 in an account earning 7.5% simple interest. after how long will you have enough money in the account to purchase the car? round your answer to the nearest whole number.

After 7.5 years we will have enough money in the account to purchase the car.      

Step-by-step explanation:

Amount needed to be saved = $10000

Principal = $6500

So, Simple Interest = $3500

Rate of Interest = 7.5%

                          = 0.075

Now, Simple Interest = Principal × Rate × Time

⇒ 3500 = 6500 × 0.075 × Time

⇒ 3500 = 487.5 × Time

⇒ Time = 7.18 years ≈ 7.5 years

Hence, after 7.5 years we will have enough money in the account to purchase the car.

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