1400 dollars is placed in an account with an annual interest rate of 5.5%. to the nearest year, how long will it take for the ac
1 answer:
It will take 19 years and 6 months for the account value to reach 2900 dollars
Step-by-step explanation:
Given
Principal amount = 1400 dollars
Rate = 5.5 %
Final value = A = 2900
We have to find t
So,
The formula for simple interest is:
Putting values
Dividing both sides by 0.055
Rounding off to nearest tenth
19.5 years
Hence,
It will take 19 years and 6 months for the account value to reach 2900 dollars
Keywords: Interest, simple interest
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<h2><u>Answer:</u></h2><h2><u></u>
<u></u></h2><h2><u></u></h2><h2><u>Solution Steps:</u></h2>
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<em> - You could also solve this by flipping the numbers around and subtracting 22 - 5, Which still gives you 17. </em>
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So your answer is .
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