Register
Bill Payne visits his local bank to see how long it will take for $1,000 to amount to $1,900 at a simple interest rate of 12 ½%. Provide Bill with the solution to his problem in years. A. 6.5 years B.
108k views
2 votes
Bill Payne visits his local bank to see how long it will take for $1,000 to amount to $1,900 at a simple interest rate of 12 ½%. Provide Bill with the solution to his problem in years. A. 6.5 years B. 7.2 years C. 12.5 years D. 10.2 years

User Faultier
by
7.4k points

1 Answer

4 votes
Your monthly deposit of $0.00 for 6 years with an interest rate of 12.05% compounded Annually
with an initial starting balance of $1,000.00Balance after 6 years with annual interest of 12.05% $1,979.12
7 years- 2,217.60$
12 years- 3,916.90

User InContext
by
7.4k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

8.3m questions

11.0m answers

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
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.
Link Copied!