Question

Bill Payne visits his local bank to see how long it will take for $1,000 to amount to $1,900 at a simple interest rate of 12 ½%. Provide Bill with the solution to his problem in years. A. 6.5 years B. 7.2 years C. 12.5 years D. 10.2 years

Answer 1

Your monthly deposit of $0.00  for 6 years with an interest rate of 12.05% compounded Annually
with an initial starting balance of $1,000.00Balance after 6 years with annual interest of 12.05% $1,979.12
7 years- 2,217.60$
12 years- 3,916.90