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Brrunno [24]
4 years ago
7

Jacob has $6,000 that he has saved from doing odd jobs

Mathematics
1 answer:
tangare [24]4 years ago
7 0
I think if he invests at an interest rate of 0.1666 which times 100 is 16.66% he will have 12,000 in 6 years assuming its being compounded annually. Using the equation r = (1/t)(A/P - 1) or A=P(1+r/n)^nt And plugging in numbers: 12,000=6000(1+r/1)^(6)(1) and solving for r.
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