Question

If $13,000.00 is invested at 16% annual simple interest, how long does it take (in years rounded to the nearest whole) to be worth $56,680.00?

Answer 1

I know that the formula used is I = (Po) (r) (t)

Answer 2

And A= (Po) + I

Answer 3

I got 27.25

Answer 4

Ok. So what you do is divide 13,000 by 100. Times it by 16. Then subtract 56,680. by 13,000, and then divide the sum of that by the result you got by dividing 13,00 by 100 and multiplying it by 16. You should be able to get the answer that way.

Answer 5

THANK YOU!!!