Question
If $7,000 is invested at 20% annual simple interest, how long does it take to be worth $33,600?
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Answer to a math question If $7,000 is invested at 20% annual simple interest, how long does it take to be worth $33,600?
Maude
4.797 Answers
1. Use the simple interest formula: A = P(1 + rt)
2. Substitute the given values: 33,600 = 7,000(1 + 0.20 \times t)
3. Simplify: 1 + 0.20t = \frac{33,600}{7,000}
4. Calculate: 1 + 0.20t = 4.8
5. Rearrange: 0.20t = 4.8 - 1
6. Simplify further: 0.20t = 3.8
7. Solve for t t = \frac{3.8}{0.20}
8. Calculate the result: t = 19
Thus, the time it will take is t = 19
2. Substitute the given values:
3. Simplify:
4. Calculate:
5. Rearrange:
6. Simplify further:
7. Solve for
8. Calculate the result:
Thus, the time it will take is
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