I = PRT
136.48 = 5,000 * 0.05 * T
136.48 = 250T
0.5455 = T
It will take about 7 months.
ow many months will it take if I invest $5000.00 at 5% to make $136.48?
2 answers
Since no compounding frequency was given, I will assume simple interest.
I = Po*r*t = $136.48
5000*(0.05/12)*t = 136.48
20.833t = 136.48
t = 6.6 Months.
I = Po*r*t = $136.48
5000*(0.05/12)*t = 136.48
20.833t = 136.48
t = 6.6 Months.