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Cuánto tiempo debe transcurrir para que un capital de $3,000.00 alcance un monto de $7,000.00, si la inversión se hizo con 5% de interés simple mensual?

User Genaro
by
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1 Answer

5 votes

Answer:

27 years approx

Explanation:

Given data

Principal P= $ 3,000

Final amount A= $ 7000

Rate r= 5%

The simple interest expression is

A=P(1+rt)

substitute and solve for t

7000=3000(1+0.05t)

7000=3000+150r

7000-3000=150r

4000=150t

t= 4000/150

t= 26.66

Hence, the time is 27 years approx

User Keele
by
8.7k points
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