how long will it take to have $5500 after I invest $5000 at 7.6%?

Question

Joanna invests her $5000 bonus into a high yield acount that earns 7.6% simple interest. She wants to buy a dog with the money. How long will she have to wait before she has $5500 in her account?

Answer 1

start=5000$, 7.6% simpel interest

want interest=500$

interest=5,000$*0.076* yeers=380$/yeer

500/380=1.315789474 yeers

or 15.789 months

bout 16 months