SOLUTION: Investing. Do Xuan Nam is going to invest $1000 at a simple interest rate of 4%. How long will it take for the investment to be worth %1040?

Question 972345: Investing. Do Xuan Nam is going to invest $1000 at a simple interest rate of 4%. How long will it take for the investment to be worth %1040?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Investing. Do Xuan Nam is going to invest $1000 at a simple interest rate of 4%. How long will it take for the investment to be worth %1040?
---------
A(t) = P(1+rt)
-------
1040 = 1000(1+0.04t)
-------
1.04 = 1+0.04t
0.04 = 0.04t
time = 1 year
=================
Cheers,
Stan H.
--------------
RELATED QUESTIONS
sue is going to invest some money at simple interest at the rate of 8%. how long will it... (answered by stanbon)

How long will it take for 1000 to double, in an investment, when interest is compounded... (answered by Edwin McCravy)

Hello, may you please help me on the following problem? And maybe show work so i can... (answered by josmiceli)

how long will it take for $6500 to double at a simple interest rate of... (answered by pie90010)

If you invest $3,900 at a 7.83% simple annual interest rate, approximately how long will... (answered by ewatrrr)

If you invest $3,900 at a 7.83% simple annual interest rate, approximately how long will... (answered by jorel1380,MathTherapy)

2.)How long will it take to earn $500 simple interest, investing $8,500 at 4.25%... (answered by fcabanski)

Susan invests R45 000 at a simple interest rate of 6% per year. Two years later, she adds (answered by )

How long will it take for an investment of $1000 to double in value if the interest rate... (answered by robertb)