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Popular Word Problems >

For how long must 5 000 be invested at 6% p.a. simple interest to have a final value of6 500.

Solution

F or h o w l o n g m u s t 5000 b e in v es t e d a t 6% p . a . s im pl e in t eres t t o ha v e a f ina l v a l u e o f 6 500.

Solution

Time : 5

Solution steps

Translate the problem into an equation:

6500 = 5000 (1 + 0.06 t)

Solve for

t, 6500 = 5000 (1 + 0.06 t) : t = 5

Time : 5

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