Question

John invests $6750 in an account that pays 6.25% interest per year. After how many years will her

investment be worth $20,000? Show your work.
A = Pert

Answer 1

32 years

Explanation:

fist find how much of 6750 is 6.25%

6750 * .0625 = 421.875

then use trial and error until u get the number u want

421.875 * 10 = 4218.75 + 6750 = 1096875 NO

421.875 * 20 = 84375 + 6750 = 151875 NO

421.875 * 30 = 12656.25 + 6750 = 19406.25 NO

421.875 * 31 = 13078.125 + 6750 = 19828.125 NO

421.875 * 32 = 13500 + 6750 = 20250 YES