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2 years ago

WILL MARK BRAINLIEST The amount (A) that principal (P) will be worth after t years at interest rate (r) compounded annually is

Mathematics

1 answer:

alex41 [277]2 years ago

4 0

Answer:

15 years

Step-by-step explanation:

Since we're looking for time, we can use the formula t = A / Pr, which would be:
t = 6000/(7255 x 5.5%)
Converting the percentage into decimal form
t = 6000/(7255 x 0.055)
We can then solve to get:
t = 6000/399.025
t = 15.03665183...
Meaning it would take 15 years for an interest of 5.5% on $6,000 to reach $7,255. Not very worth $1,255 extra if you need that 6k for rent.

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