Register

A principal of $1100 is invested at 8% interest, compounded annually. How many years will it take to accumulate $2000 or more in the account?

A principal of $1100 is invested at 8% interest, compounded annually. How many years will it take to accumulate $2000 or more in the account?
asked 91.1k views
1 vote
A principal of $1100 is invested at 8% interest, compounded annually. How many years will it take to accumulate $2000 or more in the account?

asked
User Iuq
by
8.0k points

1 Answer

2 votes

Answer:

Explanation:

X = # of years

8% of 1100 = 88

88X =2000

X = 22.7

23 years

answered
User Jcccn
by
8.6k points
← Prev Question Next Question →

Related questions

Ask a Question
Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.

Categories

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
Link Copied!