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Popular Word Problems >

Twenty years ago, Doug invested 14,000 at a simple interest rate of 7%. How much is that investment worth today?

Solution

Tw e n t y ye a rs a g o, Do ug in v es t e d 14, 000 a t a s im pl e in t eres t r a t e o f 7%. Ho w m u c h i s t ha t in v es t m e n t w or t h t o d a y ?

Solution

Amount : 33600

Solution steps

Translate the problem into an equation:

A = 14000 (1 + 0.07 \cdot 20)

14000 (1 + 0.07 \cdot 20) = 33600

Amount : 33600

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