Question

Allison invested $70,000 in an account paying an interest rate of 6.2%

Answer 1

Answer and Step-by-step explanation:

First, you need to make the function to represent the information given.

We start with 70,000 in the account, and have an interest rate of 6.2%.

We want to know how long it will take to get $223,200.

The equation for simple interest is:

A = $P(1 + rt)$

Where A is the total amount, P is the principle amount of money, r is the rate, and t is the time.

Now, we plug in the values and solve for t.

$223,200 = 70,000(1+6.2t)$

$\frac{\frac{223,200}{70,000} -1}{6.2} = t$

t = 0.353

Multiply by 100 to get the years.

t = 35.3

So, it will take Allison 35.3 years to get 70,000 dollars to 223,200 dollar with an interest rate of 6.2%

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I hope this helps!

Answer 2

Answer: 19

Step-by-step explanation: j trust me