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Michelle Payne deposited $12,000 in a savings account paying 6.25% simple interest. How long (in years) will it take for her investment to amount to $21,000?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 1P

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Michelle Payne deposited $12,000 in a savings account paying 6.25% simple interest. How long (in years) will it take for her investment to amount to $21,000?

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