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9 October, 16:29

If you invested $250 at 16% interest, how much will you have after 18 years?

(hint: how many years will it take to double? This problem will take more than one step.)

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  1. 9 October, 16:52
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    Step-by-step explanation:

    The formula for simple interest is expressed as

    I = PRT/100

    Where

    I represent the interest

    P represents the principal or amount invested

    R represents interest rate on the principal.

    T represents time in years.

    From the information provided,

    P = $250

    R = 16%

    T = 18 years

    Therefore

    I = (250 * 16 * 18) / 100 = $720

    Total amount after 18 years would be 250 + 720 = $970
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