SOLUTION: Investing. Do Xuan Nam is going to invest $1000 at a simple interest rate of 4%. How long will it take for the investment to be worth %1040?
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Question 972345: Investing. Do Xuan Nam is going to invest $1000 at a simple interest rate of 4%. How long will it take for the investment to be worth %1040? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! Investing. Do Xuan Nam is going to invest $1000 at a simple interest rate of 4%. How long will it take for the investment to be worth %1040?
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A(t) = P(1+rt)
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1040 = 1000(1+0.04t)
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1.04 = 1+0.04t
0.04 = 0.04t
time = 1 year
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Cheers,
Stan H.
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