SOLUTION: How long will it take to have an amount of $6,600 on an investment of %5,000 at 8% simple interest? use the formula A=P(1+RT) where A is the amount after T years if an investment o

Algebra ->  Customizable Word Problem Solvers  -> Misc -> SOLUTION: How long will it take to have an amount of $6,600 on an investment of %5,000 at 8% simple interest? use the formula A=P(1+RT) where A is the amount after T years if an investment o      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 896549: How long will it take to have an amount of $6,600 on an investment of %5,000 at 8% simple interest? use the formula A=P(1+RT) where A is the amount after T years if an investment of P is made at an annual simple interest rate R.
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
6600=5000(1+0.08*t)
6600/5000=1+0.08t
1.32=1+0.08t
1.32-1=0.08t
0.32/0.08=t
t=4 yrs