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?

Answer 1

37 years.

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