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anonymous
 5 years ago
ina wants to save money for school. Tine invests $400 in an account that pays an interest rate of 7.5%. How many years will it take for the account to reach $8,500? Round your answer to the nearest hundredth.
anonymous
 5 years ago
ina wants to save money for school. Tine invests $400 in an account that pays an interest rate of 7.5%. How many years will it take for the account to reach $8,500? Round your answer to the nearest hundredth.

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Caboose
 5 years ago
Best ResponseYou've already chosen the best response.0Assuming this is a simple annual interest problem, you would use the equation I=Prt Where I = Interest, P = Principal (original investment), R = rate (in decimal form), and t = time (in years). You just plug each number into the equation and solve for t. The Interest will be 8,500  400 (8,100), since you are including your original investment.

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0i'm a little confused

Caboose
 5 years ago
Best ResponseYou've already chosen the best response.0First, change the interest rate to decimal form. this will be 0.075. You want to solve the equation for time (t) so you change the equation like so. \[t = I \div (\Pr)\] Then you plug in each term, for I you will use $8,100, P will be $400, r will be 0.075. Your answer will be in years.

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0answer i got was 270 ?
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