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unexpectederr0r unexpectederr0r
  • 08-01-2017
  • Mathematics
Answered

If $10,000 is invested in an account at 4.8% annual simple interest, how long will it take for the account balance

to grow to $11,200?


And explain, please.

Verified Answer :

14abansal 14abansal
  • 08-01-2017

10000+4.8%=10480
10480+4.8%=10983.04
10983.04+4.8%=11510.22592


so 3 years

Answer Link
thebigbear2221 thebigbear2221
  • 08-01-2017

so the equation you should make is 11200=10000+480x because you would make $480 per year and "x" equals  the numbers of years so by solving this equation X=2.5 so it takes 2.5 years to reach $11200. and disregard the previous answer.

Answer Link

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