Post a New Question

math

posted by on .

Alicia Eastman deposited $2,000 in a savings account at the Biltmore Bank paying 6% ordinary interest. How many years will it take for her investment to amount to $2,600?

  • math - ,

    P = Po + Po*r*t = 2600
    2000 + 2000*(0.06/360)t = 2600
    2000 + t/3 = 2600
    t/3 = 2600-2000 = 600
    t = 1800 Days.
    t = 1800Days / 360Days/yr. = 5 Yrs.

    Ordinary int. is based on 360 days/yr.

Answer This Question

First Name:
School Subject:
Answer:

Related Questions

More Related Questions

Post a New Question