Algebraically manipulating the formula FV = P +Prt, find the time period in years (to the nearest whole year) it would take to q
uadruple (4 times) the initialdeposit of $1,000 at a simple interest rate of 5.5%.55 years61 years48 years37 yearsNone of these choices are correct.
1 answer:
Answer:
55years
Explanation:
According to the given expression
FV = P +Prt
P is the initial deposit = $1000
FV is the future value = 4(1000) = $4000
r is the rate = 5.5% = 0.055
Required
Time t
Substitute the given values into the expression as shown;
FV = P +Prt
4000 = 1000 + 1000(0.055)t
4000 - 1000 = 55t
3000 = 55t
Swap
55t = 3000
t = 3000/55
t = 54.5years
t = 55years
This means it will take the deposit of $1000 55years to quadruple
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