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5 December, 18:24

If you invest $8,600 at a 3 95% simple annual interest rate, approximately how long will it take for you to have a toad of $21,000?

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  1. 5 December, 18:34
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    37 years.

    Step-by-step explanation:

    Interest = PRT/100 where P = Initial Amount, R = rate, T = the time.

    So we have the equation:-

    8600 + 8600*3.95 * T / 100 = 21000

    8600 + 33970T / 100 = 21,000

    8600 + 339.7T = 21000

    339.7T = 21000 - 8600

    T = (21000 - 8600) / 339.7

    T = 36.5 years
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