Asked by AMANDA
David has just received his income tax refund of $1438.11, and he needs $1742 to buy a new television. If his money can earn % simple interest , how long must he invest his tax refund? years
what formula do i need to use?
what formula do i need to use?
Answers
Answered by
Henry
t = ((Pt / Po ) -1 ) / r
t = Time in years.
Pt = Principal after time t.
Po = Initial investment.
r = Annual percentage rate(APR) expressed as a decimal.
Practice: Calculate t for an APR
of 10% using your dollar values.
You should get 2.113 years.
Caution! Make sure all parenthesises are in place.
t = Time in years.
Pt = Principal after time t.
Po = Initial investment.
r = Annual percentage rate(APR) expressed as a decimal.
Practice: Calculate t for an APR
of 10% using your dollar values.
You should get 2.113 years.
Caution! Make sure all parenthesises are in place.
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.