Answered

Westonci.ca is the premier destination for reliable answers to your questions, provided by a community of experts. Connect with a community of experts ready to provide precise solutions to your questions on our user-friendly Q&A platform. Our platform provides a seamless experience for finding reliable answers from a network of experienced professionals.

pablo has $4200 to invest. pablo's goal is to have $5000 after 4 years. is this possible if he invests with a rate of return of 6%?

Sagot :

maxpelic
4200 * 1.06 = 4452.
4452 * 1.06 = 4719.12.
4719.12 * 1.06 = 5002.27

It would only take 3 years to reach $5000.

Answer:

He would get $5208 after 4 years.

Step-by-step explanation:

The principal amount that Peblo has = $4200

Peblo's goal is to have $5000 after 4 years.

Interest rate = 6%

Simple interest formula = I = P(rt)

= [tex]I=4200(\frac{6}{100}\times 4)[/tex]

I = 4200 (0.06 × 4)

I = 4200 (0.24)

I = 1,008

Interest would be 1,008.

Total amount 4200 + 1008 = $5,208

Pablo can reach his goal to have $5000 after 4 years.

Thank you for your visit. We are dedicated to helping you find the information you need, whenever you need it. Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. Westonci.ca is committed to providing accurate answers. Come back soon for more trustworthy information.