SOLUTION: Joshua places $2400 in s mutual fund with a simple interest rate of 5%. When he withdraws the money, he notices it earned$2880 in interest. For how many years did Josh invest th

SOLUTION: Joshua places $2400 in s mutual fund with a simple interest rate of 5%. When he withdraws the money, he notices it earned$2880 in interest. For how many years did Josh invest th

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Question 1122841: Joshua places $2400 in s mutual fund with a simple interest rate of 5%. When he withdraws the money, he notices it earned$2880 in interest. For how many years did Josh invest the money.

Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
Interest amount was $2880
I=prt=2400*0.05*t
2880=120t
t=24 years
Perhaps he withdrew $2880, and $480 of it was interest. Then the answer would be 4 years.
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