How much should you put in an investment paying a simple interest rate of 5% if you needed $4000 in eighteen months?
How much should you put in an investment paying a simple interest rate of 5% if you needed $4000 in eighteen months?
Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter2: Equations, Inequalities, And Problem Solving
Section2.S: Summary
Problem 8S: What interest rate would you need to get to double an investment of 200 in eight years?
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How much should you put in an investment paying a simple interest rate of 5% if you needed $4000 in eighteen months?
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Step 1
Consider the provided question,
Given, rate of interest = 5%
time = 18 months = years
Future value = $4000
Let amount to be invested be x.
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