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Find the time required for an investment of 16000 to grow to 21000 at an annual interest rate of 6%. Complete parts a. through e..

Solution

Find the time required for an investment of 16000 to grow to 21000 at an annual interest rate of 6%. Complete parts a. through e..

Solution

Time : 5.21

Solution steps

Translate the problem into an equation:

21000 = 16000 (1 + 0.06 t)

Solve for

t, 21000 = 16000 (1 + 0.06 t) : t = 5.21

Time : 5.21

Popular Examples

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