$MathMaster logo$

MathMaster

Home
general
if 7 000 is invested at 20 annual simple interest how long does it take to be worth 33 600

Question

If $7,000 is invested at 20% annual simple interest, how long does it take to be worth $33,600?

Name: Solved: If $7,000 is invested at 20% annual simple interest, how long does it take to be worth $33,600? - MathMaster
Brand: MathMaster
Rating: 4.9 (185 reviews)

185

likes

924 views

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?

$Expert avatar$

Maude

4.7

107 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 = \frac{3.8}{0.20}

8. Calculate the result:

t = 19

Thus, the time it will take is

t = 19

years.

Frequently asked questions (FAQs)

What is the median of a data set with an odd number of values: 5, 12, 45, 18, 30?

What is the number of ways to choose 3 items from a set of 10, considering permutations?

Math question: How many ways can we arrange a group of 5 people if there are 3 men and 2 women?

New questions in Mathematics

𝑦 = ( 𝑥2 − 3) (𝑥3 + 2 𝑥 + 1)

The derivative of a power is obtained just by subtracting 1 from the power True or false

58+861-87

x/20*100

Let I ⊂ R be a bounded and nonempty interval. Show that there are numbers a, b ∈ R with a ≤ b and I =[a,b] or I =[a,b) or I =(a,b] or I =(a,b)

calculate the normal vector of line y = -0.75x + 3

A company that manufactures personal hygiene items purchases machinery for $220,000 that is considered to last 7 years; it is estimated that at the end of the period it will have a salvage value of $1000. Find: to. The depreciation rate. b. The book value at the end of the sixth year.

If 0101, what is the binary representation of the 4x16 decoder output?

sin 30

1. A capital of $3,831 was lent, and it has produced interest of $840 from 05-12-2022 to 1-12-2023. At what annual simple interest rate was the capital lent?

A teacher has 25 red and yellow counters altogether. She has 4 times as many red counters than yellow counters. How many yellow counters does the teacher have?

392929-9

Derivative of 2x

A loan is repaid with payments of $2226 made at the end of each month for 12 years. If interest on the loan is 5.2%, compounded semi-annually, what is the initial value of the loan? Enter to the nearest cent (two decimals). Do not use $ signs or commas.

8/9 divided by 10/6

An election ballot asks voters to select three city judges from a group of 12 candidates. How many ways can this be done?

The slope of the tangent line to the curve f(x)=4tan x at the point (π/4,4)

Find the symmetric point to a point P = (2,-7,10) with respect to a plane containing a point Po = (3, 2, 2) and perpendicular to a vector u = [1, -3, 2].

A rectangular swimming pool has a length of 14 feet, a width of 26 feet and a depth of 5 feet. Round answers to the nearest hundredth as needed. (a) How many cubic feet of water can the pool hold? cubic feet (b) The manufacturer suggests filling the pool to 95% capacity. How many cubic feet of water is this? cubic feet

x(squared) -8x=0

If $7,000 is invested at 20% annual simple interest, how long does it take to be worth $33,600?

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?

You might be interested in