Answered

Welcome to Westonci.ca, the Q&A platform where your questions are met with detailed answers from experienced experts. Get quick and reliable solutions to your questions from a community of seasoned experts on our user-friendly platform. Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields.

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.

Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. Thank you for visiting Westonci.ca, your go-to source for reliable answers. Come back soon for more expert insights.