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lilavasa [31]
3 years ago
13

If you invest $4,200 at a 8. 5% simple interest rate, approximately how many years will it take for you to have over $6,300?.

Business
1 answer:
puteri [66]3 years ago
8 0

The number of years it would take to have over $6,300 is 6 years.

Simple interest is a type of interest in which interest is earned only on the amount of money deposited.

The formula that can be used to determine the number of years is: Interest / (principal x interest rate)

Interest = $6300 - $4,200 = $2100

Time = $2100 / ($4200 x 0.085)

2100 / 357

Time = 5.88 = 6 years

A similar question was answered here: brainly.com/question/2294792

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