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Popular Word Problems >

Find the time required for an investment of 16000 to grow to 21000 at an annual interest rate of 6%. Complete parts a. through e..

Solution

solve for

t h e t im e re q u i re d f or an in v es t m e n t o f ​ 16000 t o g ro w t o ​21000 a t an ann u a l in t eres t r a t e o f 6​%. C o m pl e t e p a r t s a . t h ro ug h e ..

Solution

Time : 5.21

Solution steps

Translate the problem into an equation:

21000 = 16000 (1 + 0.06 t)

Solve for

t, 21000 = 16000 (1 + 0.06 t) : t = 5.21

Time : 5.21

Popular Examples

you invest 500 dollars at an 8% annual interest rate, if it is compounded annually how much is your investment worth after 4 years one number is two more than another. Their sum is fourteen. Find both numbers Darren invests 4, 500 into an account that earns 5% annual interest. How much will be in the account after 10 years if the interest rate is compounded annually 35/12 as number The sum of a number and eighteen.