SOLUTION: How much money must be invested at %6 to have $2000 in 12 years? Could you show me the steps and explain how you got the answer in simplest terms so that i could understand it. My

Question 914822: How much money must be invested at %6 to have $2000 in 12 years? Could you show me the steps and explain how you got the answer in simplest terms so that i could understand it. My math instructor doesnt help me much at all, in fact he confuses me. PLEASE HELP!!!!!
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
I assume it is Simple interest
Amount = 2000
Principal = x
rate = 6% = 6/100 = 0.06
n= 12 years
Amount- Principal = interest
2000-x = x* 12*0.06
2000-x = 0.72x
2000=1+0.72x
2000=1.72x
2000/1.72 =x
Invest 1162.80

RELATED QUESTIONS
Hello! Could you please help me with the following problem? If you could give me steps... (answered by LynnMomo,MathTherapy)

If $2000 is invested at 12% interest how much money will be in the account after 10... (answered by rfer)

I forget the steps on how to do this problem! My midterm is in a few hours, if you could... (answered by richwmiller,josmiceli)

I forget the steps on how to do this problem! My midterm is in a few hours, if you could... (answered by solver91311)

I forget the steps on how to do this problem! My midterm is in a few hours, if you could... (answered by ankor@dixie-net.com)

Roberto invested some money at 8%, and then invested $2000 more than twice this amount at (answered by jorel555)

You are saving to buy your first new car priced at $19,000! You have already saved... (answered by macston)

The year he turned 18, Thomas Edison invested $200,000 at 0.8% compounded hourly. How... (answered by textot)

I have tried to solve these type problems and I cannot figure out the steps to solve... (answered by ankor@dixie-net.com)