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
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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
