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Joe deposits $30,000 for his retirement in an account with a 6% simple interest rate. How long will it take Joe to earn $21,600 in interest?

Joe deposits $30,000 for his retirement in an account with a 6% simple interest rate. How long will it take Joe to earn $21,600 in interest?
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1 vote
Joe deposits $30,000 for his retirement in an account with a 6% simple interest rate. How long will it take Joe to earn $21,600 in interest?

User RedBaron
by
8.2k points

2 Answers

3 votes

1Answer: 12 years

Explanation:

User Semaphor
by
7.8k points
3 votes
t=i/pr
t=21,600÷(300,000×0.06)
t=1.2 year
User Roman Snitko
by
8.7k points
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