How long will Lucy have to wait before for her $2,500 invested at 6% earns $600 in simple interest?
2006-08-19 19:02:36 · 5 answers · asked by Bobby P 1 in Science & Mathematics ➔ Mathematics
6% simple interest = $150 per year. 4 years, $600.
2006-08-19 19:09:07 · answer #1 · answered by Paul P 5 · 0⤊ 0⤋
At 6% straight rate of interest 2,500 will earn 150 annually i.e. at 365 days.
150 will earn at 365 days
1 will earn at 365/15 days
So 600 will earn at 365/150*600 = 1,460 days or 4years.
2006-08-19 19:17:08 · answer #2 · answered by Zia 3 · 0⤊ 0⤋
48 yrs. 6% per year is 0.5% per $100 per month. For $2500 it is 25x0.5=$12.5 per year
For reaching $600 Lucy waits for 600/12.5 yrs.=48 yrs
.
2006-08-19 19:50:48 · answer #3 · answered by J.SWAMY I ఇ జ స్వామి 7 · 0⤊ 1⤋
she will have to wait for four terms of interest payments...
2006-08-19 20:03:48 · answer #4 · answered by the oracle 1 · 0⤊ 0⤋
Simple interest
to get the interest .....2500 * (1.06) ^ t = 3100
(1.06)^ t = 3100/2500
t * log (1.06) = log (3100/2500)
t = log(3100/2500) / log (1.06)
t = 3.7 yrs
2006-08-19 19:22:34 · answer #5 · answered by Gemelli2 5 · 0⤊ 0⤋