SOLUTION: Hello, may you please help me on the following problem? And maybe show work so i can understand please if you can?
Bok Lum Cham us going to invest $1000 at simple interest 9%. H
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Bok Lum Cham us going to invest $1000 at simple interest 9%. H
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Question 775573: Hello, may you please help me on the following problem? And maybe show work so i can understand please if you can?
Bok Lum Cham us going to invest $1000 at simple interest 9%. How long will it take for the investment to be worth $1090?
Thank you! Answer by josmiceli(19441) (Show Source):
You can put this solution on YOUR website! The formula is:
( simple interest earned ) = ( principle ) x ( rate ) x ( time )
Each year you keep the investment, you make
a 9% return on the principle
Let = time in years
Simple interest earned =
--------------
When the investment is worth $1090, $90 in interest
has been accumulated
It will take 1 year for investment to be
worth $10980
