Answer
It would take 14.0 years to get \$10,000
Work Step by Step
1. Write the simple interest future value formula, and solve for "t".
$FV = PV (1 + rt)$
$FV = PV + PVrt$
$FV - PV = PVrt$
$\frac{FV-PV}{PVr} = \frac{PVrt}{PVr}$
$\frac{FV-PV}{PVr} = t$
2. Substitute the values and calculate the value of "t":
PV = 6,000
FV = 10,000
r = 0.0475
$t = \frac{10,000 - 6,000}{(6,000)(0.0475)} = 14.0 $
