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Nicole deposited $2,000 at 6% simple interest. How long will it be before she has $2,600 in her account?
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Nicole deposited $2,000 at 6% simple interest. How long will it be before she has $2,600 in her account?

User Ulubeyn
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1 Answer

4 votes
FV=PV(1+r)ⁿ

FV=Future Value, or the $2,600 that you want.
PV=Present Value, or the value that you are depositing.
APR: .06

2,600=2,000(1.06)ⁿ
2,600=2120ⁿ
It would take about a year for Nicole to get $2600.

~Hope I helped~
User Firzok Nadeem
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8.4k points
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