A man intends to withdraw $ 24,000.00 from his savings at the end of 5 years. The man deposits $ 1,500.00 in savings annually an
d today has a balance of $ 8,000.00. What should be the savings interest rate for Nobuki to achieve his goals?
1 answer:
Answer:
3%
Step-by-step explanation:
Given data
FInal amount A= $24,000
Time= 5 years
Principal= $1,500
Say we the savings is on simple interest
A= P(1+rt)
substitute
24000=1500(1+r*5)
24000= 1500+ 7500r
24000-1500= 7500r
22500= 7500r
r= 22500/7500
r= 3%
Hence, on a simple interest account, the rate is 3%
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