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12 July, 16:45

louis is saving money for a car, he invests 1200 in an account that pays an interest rate of 7.5%. how many years will it take for the account to reach 14000?

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  1. 12 July, 19:31
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    142 years 3 months

    Step-by-step explanation:

    Let us assume the investment is made using a simple interest

    Given data

    Principal p = $1200

    Rate r = 7.5% = 7.5/100 = 0.075

    Final amount A = $14000

    Time t=?

    The Simple interest formula is expressed as

    A = p (1+rt)

    Substituting we can solve for t

    14000 = 1200 (1+0.075t)

    14000 = 1200+90t

    14000-1200=90t

    12800 = 90t

    t = 12800/90t = 142.22 years

    The time required to get a total amount, principal plus interest, of $14,000.00 from simple interest on a principal of $1,200.00 at an interest rate of 7.5% per year is 142.22 years (about 142 years 3 months).
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