If $12,000.00 is invested at 14% annual simple interest, how long does it take to be worth $57,360.00.
$12,000.00 is invested at 14% annual simple interest, how long does it take to be worth $57,360.00.
$12,000 X 14/100=$1,680 Simple interest for 1 year.
$57,360 - $12,000=$45,360 Interest that it must earn over the investment period
$45,360 / $1,680 =27 years exactly-that will take $12,000 to grow to $57,360 @ 14% simple interest.
