Find how long it takes a $500.00 investment to earn $300.00 in interest if it is invested at 2% compounded annually. It will take years. (Round answer to 3 decimal places.)

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
ChapterP: Prologue: Calculator Arithmetic
Section: Chapter Questions
Problem 28E: Equity in a Home When you purchase a home by securing a mortgage, the total paid toward the...
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nt
Use A
P|1+
where:
A the amortized amount (total loan/investment amount over the life of the loan/investment)
P= the initial amount of the loan/investment
T= the annual rate of interest
n= the number of times interest is compounded each year
t = the time in years
Find how long it takes a $500.00 investment to earn $300.00 in interest if it is invested at 2%
compounded annually.
It will take
years. (Round answer to 3 decimal places.)
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Transcribed Image Text:Get a La similal arquestion You can retry this question below nt Use A P|1+ where: A the amortized amount (total loan/investment amount over the life of the loan/investment) P= the initial amount of the loan/investment T= the annual rate of interest n= the number of times interest is compounded each year t = the time in years Find how long it takes a $500.00 investment to earn $300.00 in interest if it is invested at 2% compounded annually. It will take years. (Round answer to 3 decimal places.) Question Help: Message instructor Submit Question Jump to Answer cer
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