SOLUTION: About how many years will it take for $1,800 to reach $2,500 at a simple intrest rate of 4%?
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Question 826490: About how many years will it take for $1,800 to reach $2,500 at a simple intrest rate of 4%?
Answer by josgarithmetic(39630) (Show Source): You can put this solution on YOUR website!
"Simple Interest", as in "no compounding". Rate assumed "per year".
year count_______________money result
1________________________1800+0.04(1800)
2________________________1800+2(0.04)(1800)
3________________________1800+3(0.04)(1800)
.
x________________________1800+x*(0.04)(1800)
Your question asks, what is x in ?
Would 9 years be enough? No. Need full 10 years, but this would yield a bit more than 2500 dollars balance. Could the yearly earning be pro-rated? That would help.
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