How many years would it take a $5,000 investment to reach $7,500 at an 8% interest rate?

Question

asked Jan 25, 2023 206k views

1 Answer

Nacnudus · Answer 1 · 2023-01-28T21:39:19+0000

Answer:

18.75 years

Explanation:

first multiply the amount to the rate

5,000 × 8% = 400

second

7,500/ 400 = 18.75

it takes 18.75 to reach 7,500