SOLUTION: How many days will it take $1000 to accumulate to at least $1200 at 5.5% simple interest rate?

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Question 1177818: How many days will it take $1000 to accumulate to at least $1200 at 5.5% simple interest
rate?

Answer by MathLover1(20850) About Me  (Show Source):
You can put this solution on YOUR website!

A+=+P%281+%2B+rt%29
t+=+%281%2Fr%29%28A%2FP+-+1%29
We have P+=+1000,
A=+1200
P=1000
r+=+0.055+
t+=+%281%2F0.055%29%281200%2F1000+-+1%29
t+=+%281%2F0.055%29%286%2F5+-+1%29
t+=+%281%2F0.055%29%28%286+-+5%29%2F5%29
t+=+%281%2F0.055%29%281%2F5%29
t+=+1%2F%285%2A0.055%29
t+=+1%2F0.275+
t+=+3.64+years (about 3 years 8 months)
t+=+3.64%2A365 days
t+=+1328.6 days