Given data:
Amount of money invested, P = $1000
Interest rate, r = 0.0625
Total money in the account, A = 5500
Now, to find the years use simple interest rate formula that is
[tex]A=P(1+rt)[/tex]Therefore, t will become
[tex]t\text{ = (A/P}-1\text{)/r}[/tex]Putting the values we get,
[tex]t=(\frac{5500}{1000}-1)\text{ / 0.0625}[/tex][tex]\begin{gathered} t=(5.5-1)\text{ / 0.0625} \\ t=\frac{4.5}{0.0625} \\ t=72 \end{gathered}[/tex]Thus, it will take 72 years for the account to reach 5500.
