Register
A principal of $1100 is invested at 8% interest, compounded annually. How many years will it take to accumulate $2000 or more in the account?
91.1k views
1 vote
A principal of $1100 is invested at 8% interest, compounded annually. How many years will it take to accumulate $2000 or more in the account?

User Iuq
by
8.0k points

1 Answer

2 votes

Answer:

Explanation:

X = # of years

8% of 1100 = 88

88X =2000

X = 22.7

23 years

User Jcccn
by
8.6k points
← Prev Question Next Question →

Related questions

Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Other Questions

How do you can you solve this problem 37 + y = 87; y =
i have a field 60m long and 110 wide going to be paved i ordered 660000000cm cubed of cement  how thick must the cement be to cover field
Write words to match the expression. 24- ( 6+3)
A dealer sells a certain type of chair and a table for $40. He also sells the same sort of table and a desk for $83 or a chair and a desk for $77. Find the price of a chair, table, and of a desk.
The cost of 5 similar digital cameras and 3 similar video cameras is 3213. Each video camera costs 4 times as much as each digital camera. John buys a digital camera and a video camera. How much does he
Link Copied!