Suppose you loan $320 to a friend and charge them 11% annual interest. If they don't pay any back, how many years will it take f or them to owe you $2,000? Round your answer to the nearest hundredth (2 places after the decimal).
1 answer:
Step-by-step explanation:
For them to owe you a total of$2000 then an interest of $2000-320=$1680 must have accrued over the time <em>T</em>
<em>T</em><em>=</em><em>$</em><em>1</em><em>6</em><em>8</em><em>0</em><em>×</em><em>1</em><em>0</em><em>0</em><em>/</em><em>3</em><em>2</em><em>0</em><em>×</em><em>1</em><em>1</em>
<em>T</em><em>=</em><em>4</em><em>7</em><em>.</em><em>7</em><em>2</em><em>7</em><em>2</em><em>.</em><em>.</em><em>.</em><em>≈</em><em>4</em><em>7</em><em>.</em><em>7</em><em>3</em><em> </em><em>to</em><em> </em><em>the</em><em> </em><em>nearest</em><em> </em><em>hundredth</em>
Proof,
Interest after 47.7262...years which is converted to 525/11 years
=($320×11×525/11)/100
=$1680
therefore total amount which will be owed at that time =principal+interest accrued
=$320+1680=$2000
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