thegreathendrix2331 thegreathendrix2331

31-01-2020
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Approximately how long will it take a $2,500 investment to grow to $5,000 at an interest rate of 6 percent?

Respuesta :

ewomazinoade ewomazinoade

01-02-2020

Answer:

16.7 years

Explanation:

This can be calculated using the simple interest formula

Interest =(P×R×T)/100

INTEREST = $5000 - $2500=$2500

Principal = $2500

Rate = 6%

Time =?

$2500 = ($2500×6×T) / 100

$2500 =$ 150 × T

T = 16.7 years

I hope my answer helps you

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