Answer :
4200 * 1.06 = 4452.
4452 * 1.06 = 4719.12.
4719.12 * 1.06 = 5002.27
It would only take 3 years to reach $5000.
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.
