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Hector puts a principal of $5,600 in a savings account with a simple interest rate of 8%. After several years, he withdraws the balance of $11,424. How many years did he leave his investment in this particular
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Hector puts a principal of $5,600 in a savings account with a simple interest rate of 8%. After several years, he withdraws the balance of $11,424. How many years did he leave his investment in this particular savings account?

User Hamster Ham
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2 Answers

3 votes

the answer should be 13

User Pennersr
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The account balance resulting from a principal of P and an interest rate of r over t years is
A = P(1 +rt)
Substitute the given values and solve for t.
11424 = 5600(1 + .08t)
(11424/5600) -1 = .08t
1.04/.08 = t = 13

Hector left his investment for 13 years.
User Sheu
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