SOLUTION: How long will it take to have an amount of $6,600 on an investment of %5,000 at 8% simple interest? use the formula A=P(1+RT) where A is the amount after T years if an investment o

SOLUTION: How long will it take to have an amount of $6,600 on an investment of %5,000 at 8% simple interest? use the formula A=P(1+RT) where A is the amount after T years if an investment o

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Question 896549: How long will it take to have an amount of $6,600 on an investment of %5,000 at 8% simple interest? use the formula A=P(1+RT) where A is the amount after T years if an investment of P is made at an annual simple interest rate R.
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
6600=5000(1+0.08*t)
6600/5000=1+0.08t
1.32=1+0.08t
1.32-1=0.08t
0.32/0.08=t
t=4 yrs
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