Answer:
It takes 72 years to get $5500.
Step-by-step explanation:
The amount in her bank account increases as she gets interest at a rate of 6.25% per annum.
Let A be the final amount , P be the principal amount , r be the rate of interest and t be the number of years taken.
A = P ( 1 + rt )
The final amount = $5500
Principal = $1000
r = 0.0625
Substituting the above values in the given equation,
5500 = 1000 (1 + 0.0625t)
t = [tex]\frac{4.5}{0.0625}[/tex]
t = 72 years.
It takes Holly 72 years to get $5500 amount from her bank.
