Ask Question
3 December, 05:15

If you invest $8,600 at a 3 95% simple annual interest rate, approximately how long will it take for you to have a toad of $21,000?

+5
Answers (1)
  1. 3 December, 07:10
    0
    37 years.

    Step-by-step explanation:

    Interest = PRT/100 where P = Initial Amount, R = rate, T = the time.

    So we have the equation:-

    8600 + 8600*3.95 * T / 100 = 21000

    8600 + 33970T / 100 = 21,000

    8600 + 339.7T = 21000

    339.7T = 21000 - 8600

    T = (21000 - 8600) / 339.7

    T = 36.5 years
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “If you invest $8,600 at a 3 95% simple annual interest rate, approximately how long will it take for you to have a toad of $21,000? ...” 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