SOLUTION: How many months are required for $2,500 to grow to $3,300 at 16% simple interest?
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Question 607688: How many months are required for $2,500 to grow to $3,300 at 16% simple interest?
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!
Start with the simple interest formula.
Plug in , , and (the decimal equivalent of 16%).
Multiply and to get .
Subtract from both sides.
Combine like terms.
Divide both sides by to isolate 't'.
Divide.
Rearrange the equation.
So it will take 2 years (or 24 months) for an investment of $2500 to grow to $3300 with an interest rate of 16% (using simple interest).
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