Frank invests $1,000 in simple interest investment account that pays 8% a year. After a number of years, he withdraws his balance of $2,200. Using the formula mc006-1.jpg, how many years was his money invested?
Hi there The formula is A=p (1+rt) We need to solve for t T=[(A/p)-1]÷r Where A future value 2200 P present value 1000 R interest rate 0.08 T time? So T=((2,200÷1,000)−1)÷0.08 T=15 years
Another time like this question you should post in at mathematics subject Hope it helps
