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IRISSAK [1]
4 years ago
6

Hector puts a principal of $5,600 in a savings account with a simple interest rate of 8%. After several years, he withdraws the

balance of $11,424. How many years did he leave his investment in this particular savings account?
Mathematics
2 answers:
Aliun [14]4 years ago
7 0
The account balance resulting from a principal of P and an interest rate of r over t years is
  A = P(1 +rt)
Substitute the given values and solve for t.
  11424 = 5600(1 + .08t)
  (11424/5600) -1 = .08t
  1.04/.08 = t = 13

Hector left his investment for 13 years.
Nutka1998 [239]4 years ago
7 0

the answer should be 13

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