SOLUTION: A GIC pays 6 % per annum. How long would it take $3000 to grow to $6000?
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Question 353679: A GIC pays 6 % per annum. How long would it take $3000 to grow to $6000?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
A GIC pays 6 % per annum simple interest.
How long would it take $3000 to grow to $6000?
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A(t) = P(1+rt)
6000 = 3000(1+0.06t)
2 = 1+0.06t
1 = 0.06t
t = 1/0.06
t = 16 2/3 years
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Cheers,
Stan H.
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