Algebraically manipulating the formula FV = P + Prt, find the time period in years (to the nearest whole year) it would take to quadruple (4 times) the initial deposit of $1,000 at a simple interest rate of 5.5%.
55 years
61 years
48 years
37 years
None of these choices are correct.
Answers
Answered by
7
Answer:
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Answered by
0
Answer:
Step-by-step explanation:
4000 = 1000 + 1000 x 5.5 x t / 100
4000 - 1000 = 5.5t
t = 54.5 = 55
option a is correct
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