Question

Carrie would like to buy a boat that costs $14,300. She currently has $12,500 saved up and intends on investing this amount in an account that earns 8.5% simple interest. How long will it take for her account to reach the needed amount to purchase the boat?

Answer 1

Hmmm...

12,500 + (12,500 * 0.085) = 13,562.50
13,562. 5 + (13,562.5 * 0.085) = 14,715.31

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Hoped I helped! oo;