SOLUTION: Fred invests $15,000 into a bank account that offers 2.75%p.a simple interest. How long to the nearest month would Fred need to invest his money to have his money grow to $24,000?
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Question 1099178: Fred invests $15,000 into a bank account that offers 2.75%p.a simple interest. How long to the nearest month would Fred need to invest his money to have his money grow to $24,000? Answer by jorel1380(3719) (Show Source):
You can put this solution on YOUR website! 24,000=15,000(1+.0275)^y, where y is years. Then:
1.6=1.0275^y
ln 1.6=ln 1.0275^y=y ln 1.0275
y=ln 1.6/ln 1.0275=17.325 yrs=17 years, 4 months
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