Answered

Get the answers you need at Westonci.ca, where our expert community is dedicated to providing you with accurate information. Get quick and reliable solutions to your questions from a community of seasoned experts on our user-friendly platform. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform.

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 using our platform. We're always here to provide accurate and up-to-date answers to all your queries. Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. Westonci.ca is your go-to source for reliable answers. Return soon for more expert insights.