Nicole deposited $2,000 at 6% simple interest. How long will it be before she has $2,600 in her account?

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asked Sep 26, 2018 149k views

1 Answer

Firzok Nadeem · Answer 1 · 2018-10-03T09:07:30+0000

FV=PV(1+r)ⁿ

FV=Future Value, or the $2,600 that you want.
PV=Present Value, or the value that you are depositing.
APR: .06

2,600=2,000(1.06)ⁿ
2,600=2120ⁿ
It would take about a year for Nicole to get $2600.

~Hope I helped~

Nicole deposited $2,000 at 6% simple interest. How long will it be before she has $2,600 in her account?

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