Suppose a principal amount of $7500 was invested at an interest rate of 6%. How long did it take to reach $10650?
1 answer:
Based on the information how long did it take to reach $10650 is 7years.
Given:
Principal=$7,500
Rate=6%
Amount=$10650
Time=?
Simple Interest(SI)=A-P
=$10650-$7500
=$3150
Time=(100×SI)/(p×r)
T=(100×3150)/(7500×6)
T=315,000/45,000
T=7 years
Inconclusion how long did it take to reach $10650 is 7years.
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