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Popular >

For how long must 5 000 be invested at 6% p.a. simple interest to have a final value of6 500.

Solution

For how long must 5 000 be invested at 6% p.a. simple interest to have a final value of6 500.

Solution

Time : 5

Solution steps

Translate the problem into an equation:

6500 = 5000 (1 + 0.06 t)

Solve for

t, 6500 = 5000 (1 + 0.06 t) : t = 5

Time : 5

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