Question

David invested $220 in a savings account that offers a 3% return on the investment. The value of David's investment will be at least $400 after a period of (blank) years?

Answer 1

hmm simple interest or compounded interest?

Answer 2

If its Simple Interest:
FV=P+(P*R*N)
Where FV=Future Value =400
P= Principal Amt =220
R=Interest Rate = .03
N= Number of years which you gotta solve for
So plug in all the values into the above equation and solve for N

Answer 3

no, i need a certain number of years..

Answer 4

Ya solve for N

Answer 5

n represents the number of years

Answer 6

Well i don't know how to do it. but thanks.