How many years will it take $2,000 invested at 6% to earn $360?
2 Answers
3 years
Explanation:
In one year, yo can earn $120.
Just multiply $120 by 6% to get it.
Then divide $360 by $120.
The answer is 3.
Therefore, it will take 3 years to earn $360.
Will take 3 years
Explanation:
Im guessing you mean there is an annual interest of
We can use the formula for compound interest...
For us to earn
Dividing by
Taking
Using our log laws: