John deposited $800 in a bank that pays 5% interest per year. How many years it will take for his money to grow to $950? Round answer to one decimal place.

It will take 3.2 years for his money to grow to $950.

Step-by-step explanation:

This is a simple interest problem.

The simple interest formula is given by:

In which E are the earnings, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time.

After t years, the total amount of money is:

.

John deposited $800 in a bank

This means that

5% interest per year.

This means that

How many years it will take for his money to grow to $950?

We have to find t for which T = 950. So

And

It will take 3.2 years for his money to grow to $950.