Ask Question
23 March, 10:52

Hector puts a principal of $5,600 in a savings account with a simple interest rate of 8%. After several years, he withdraws the balance of $11,424. How many years did he leave his investment in this particular savings account?

+2
Answers (1)
  1. 23 March, 13:22
    0
    The account balance resulting from a principal of P and an interest rate of r over t years is

    A = P (1 + rt)

    Substitute the given values and solve for t.

    11424 = 5600 (1 +.08t)

    (11424/5600) - 1 =.08t

    1.04/.08 = t = 13

    Hector left his investment for 13 years.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Hector puts a principal of $5,600 in a savings account with a simple interest rate of 8%. After several years, he withdraws the balance of ...” in 📙 Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers