SUBMIT ANSWER [-/1 Points] DETAILS MY NOTES BRECMBC9 10.II.032. Michelle Payne deposited \( \$ 24,000 \) in a savings account paying \( 6.25 \% \) simple interest. How long (in years) will it take for her investment to amount to \( \$ 42,000 \) ? \( \square \) years Need Help? Read It

To find out how long it will take for Michelle's investment to grow from \( \$ 24,000 \) to \( \$ 42,000 \) with a simple interest rate of \( 6.25\% \), we first determine the total interest needed. This is \( \$ 42,000 - \$ 24,000 = \$ 18,000 \). Then, using the formula for simple interest \( I = P \times r \times t \), where \( I \) is interest, \( P \) is principal, \( r \) is rate, and \( t \) is time, we substitute \( P = 24,000 \), \( I = 18,000 \), and \( r = 0.0625 \). Rearranging gives us \( t = \frac{I}{P \times r} = \frac{18,000}{24,000 \times 0.0625} = 12 \) years. Got it? So, after all that time, Michelle’s investment will be thriving like a well-watered plant! Just remember that patience pays off when it comes to savings. Keep that money working for you, and it will grow over time!