Question

if George put $6,000 into a savings account that pays 3.5 percent in compound how many years would it take for him to have 18,000 dollars if no money is added or withdrawn during this time?(Round to the nearest tenth)

Answer 1

57.1 years

Explanation:

multiply the money put into savings by the interest rate 6000×.035=210

divide the total earned by the annual interest earned

12000÷210=57.1428571428

rounded to the nearest tenth is 57.1