SIMPLE INTEREST

Question

If $9,000.00 is invested at 14% annual simple interest, how long does it take to be worth $29,160.00.

It will take    years (round to the nearest whole).

Answer 1

i = prt

i = 9000(.14)t

A = p + i

29,160 = 9000(.14)t

29,160 = 1260t

t ≈ 23 years