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.
Earlier price is 2.80
Current price is 2.87
Increment is
2.87 - 2.80
0.07
Increment percentage is
(0.07 / 2.80) * 100
2.5 %
