Question

About how many years will it take for $8500 to reach $12,000 at a simple interest rate of 3.5%

Answer 1

Answer:12

Explanation:

8500 x 35% = 297.50 in simple interest per year

12000 - 8500 = 3500 in interest earned in total

3500/297.5 = 11.76 number of years to make total interest from amount per year.

If you round up, almost 12 years .