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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?

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Maude

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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.

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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?

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