Question

$1400 is invested at 2% per annum simple interest. How long will it take for the total amount to reach $1624?

Answer 1

7.5 years.

Explanation:

Use A = 1400(1+0.02)^7.5

The 1400 is the starting money. The 1 is a constant. The 0.02 is the 2% in decimal form. And the 7.5 is years. I found that by just continually increasing it until it hit 1624.

Hope this helps