SOLUTION: How long does a $4000 investment take to earn $720 interest if the interest rate is 6% per year?
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Question 743002: How long does a $4000 investment take to earn $720 interest if the interest rate is 6% per year?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
How long does a $4000 investment take to earn $720 interest if the interest rate is 6% per year?
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A(t) = P(1+rt)
4720 = 4000(1+0.06t)
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1.18 = 1 + 0.06t
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0.06t = 0.18
t = 3 years
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Cheers,
Stan H.
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