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3 years ago

11

Your car needs a new engine and it cost $1,000. you currently have $600 to invest at 7% compound annually, how long will you hav

e to wait to buy the engine?

1 answer:

sergejj [24]3 years ago

4 0

Amount = Principal ( 1 + interest rate) ^ years

$1000 = $600 ( 1 + .07 ) ^ years

$1000 / $600 = 1.07 ^ years

1.66667 = 1.07 ^ years

years = 8

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3 years ago

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1 year ago