Answer:
50 years
Step-by-step explanation:
Formula for simple interest:
I = Prt
where
I = interest earned
P = principal amount deposited
r = annual interest rate
t = number of years
When the account reaches $2000, $500 is from the principal and
$2000 - $500 = $1500 is from the interest.
We use the simple interest formula to find the number of years needed to earn $1500 in interest from $500 principal at 6% interest rate.
1500 = 500 * 0.06 * t
t = 50
Answer: 50 years
