brodybb2648 brodybb2648

26-10-2022
Business

Answered

if $5000 is invested at 9 nnual simple interest, how long does it take to be worth $8600?

Answer :

kjuli1766 kjuli1766

29-10-2022

Given principle (P) = $5000

annual interest (R) = 9%

Time period (T) =?

The total amount with interest after (T) years = $9500

Interest (I) = total amount - principle

$9500-$5000 = $4506

∴ I = $4500

we know that

I = PTR/100 T= IX/100 PR

Time period (T) = 45∅∅ x 100/5∅∅∅ x 9 = 10 years

∴ After 10 years invested amount of $5000 will reach $9500.

A simple interest loan is a loan that does not have compound interest. This means that interest is calculated based on the remaining principal of the loan, so you will pay a set monthly amount plus interest. Future payments will be reduced if you can pay more than the set amount.

Regular interest is calculated based on 30 days in each month of the calendar year. This will apply the interest rate based on 360 days. To calculate the monthly interest rate, divide the annual interest rate by 12 to reflect the 12 months of the year. To complete these steps, you need to convert from percent to decimal format.

Learn more about A simple interest here:-https://brainly.com/question/2294792

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