1) Leo wants to open up a new business. He needs $120,000 to be able to start his business. How much does he need to invest at 7% simple interest in order to have a total of $120,000 in 6 years?

My account
Edit my Profile
Private messages
My favorites

Ask a Question
Questions
Unanswered
Tags
Categories
Ask a Question

asked Aug 28, 2023 159k views

0 votes

1) Leo wants to open up a new business. He needs $120,000 to be able to start his business. How much does he need to invest at 7% simple interest in order to have a total of $120,000 in 6 years?

Mathematics
college

Thorin Schiffer asked

by Thorin Schiffer

3.8k points

0 Comments

Please log in or register to add a comment.

Please log in or register to answer this question.

1 Answer

10 votes

Answer:

$285714.2857

Explanation:

120000/6= 20000 (One year of interest)

20000/0.07= 285714.2857

Laura Chesches answered Sep 2, 2023

by Laura Chesches

4.1k points

0 Comments

Please log in or register to add a comment.

Ask a Question

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

4.5m questions

5.9m answers

0 Comments

Please log in or register to add a comment.

Please log in or register to answer this question.

1 Answer

0 Comments

Please log in or register to add a comment.

Other Questions