Silvia wants to buy a car that costs $9,768.00. She deposits $6,600.00 into a savings account that pays simple interest at a rate of 8%. How long must Silvia leave the money in the savings account to be able to buy the car?
a.
6 months
c.
19 years
b.
6 years
d.
7.5 years

Question

Silvia wants to buy a car that costs $9,768.00. She deposits $6,600.00 into a savings account that pays simple interest at a rate of 8%. How long must Silvia leave the money in the savings account to be able to buy the car?
a.
6 months
c.
19 years
b.
6 years
d.
7.5 years

anonymous · Answer

The answer is A: 6 months.
You need to take $6,600.00, and add 8% to it until it reaches $9,768.00.
You will have to do it 6 times, making the answer A.

anonymous · Answer

thank you