Question

If $14,000 invested at 12% annually simple interest how long does it take to be worth 45,920

Answer 1

19 years

Explanation:

as

simple intrest= p*r*t/100 p=principal r= rate t=time

amount of intrest for one year = 14000*12*1/100=1680

check how much money is in between the principal and the amount needed

45920-14000=31920

and divide it by the intrest of one year= 31920/1680

and the answer is the amount of years= 19 yrs

Answer 2

It will take about 3.27 years.