109k views
2 votes
Manny invested $8,000 in an account that pays 6.5% simple

interest. Manny will not make any additional deposits or
withdrawals. How many years must the money stay invested for
before the investment has a balance of $13,200?​

User Kenlyn
by
8.6k points

1 Answer

5 votes

Answer:

10 years

Explanation:

Simple interest formula:

AV=PV(1+it)

13200=8000(1+.065t)

1.65=1+.065x

.65=.065x

10=x

User Arnle
by
8.3k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories