How long does a $4000 investment take to earn $720 interest if the interest rate is 6% per year?
1 Answer
Jul 13, 2016
See the explanation.
As the answer for simple interest is a whole number I suspect this is the type of interest that applies.
3 years
Explanation:
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The final sum in the account would be
The standard form equation is:
So we have:
Taking logs