Jenelle wants to invest $500 in a savings account that pays 4.3% simple interest. How long will it take for this investment to triple in value? Round your answer to the nearest cent.

To find out how long it will take for Jenelle's investment to triple in value under simple interest, we can use the formula for simple interest:

\[
A = P(1 + rt)
\]

Where:
- $A$ is the future value of the investment
- $P$ is the initial principal (the amount of money invested)
- $r$ is the annual interest rate (as a decimal)
- $t$ is the time in years

Jenelle wants her investment to triple, so the future value $A$ should be three times the initial investment $P$. Let's set this up:

- $P = 500$
- $A = 3 \times 500 = 1500$
- $r = 4.3\% = 0.043$

Now, using the formula:

\[
1500 = 500(1 + 0.043t)
\]

To solve for $t$, divide both sides by 500:

\[
3 = 1 + 0.043t
\]

Now subtract 1 from both sides:

\[
2 = 0.043t
\]

Finally, divide by 0.043 to isolate $t$:

\[
t = \frac{2}{0.043} \approx 46.51 \, \text{years}
\]

Therefore, it will take approximately **46.51 years** for Jenelle's investment to triple in value under simple interest.

Would you like more details on any part of this solution?

### Related questions:
1. What is the formula for compound interest, and how would it affect the time to triple Jenelle's investment?
2. How much total interest will Jenelle earn after 46.51 years?
3. How long would it take to double the investment at the same interest rate?
4. What happens if the interest rate is increased to 5%?
5. How can you calculate simple interest on a monthly or quarterly basis?

**Tip:** Simple interest grows linearly, while compound interest grows exponentially, which can make a significant difference over time.

Learn how to calculate the time needed for a $500 investment to triple in value with a simple interest rate of 4.3%. This problem explains the formula A = P(1 + rt) and provides a step-by-step solution. Suitable for high school students in Grades 9-12.

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