Anna has $60,000 to invest.She requires $100,000 for a down payment for a house.If she is able to invest at 6%, how many years will it be before she will accumulate the desired balance?

Question

Quizplus · Accepted Answer

To find the number of years required to accumulate $100,000 from $60,000 at an interest rate of 6%, we use the formula for compound interest: $ A = P(1 + r)^t $. Here, $ A = 100,000 $, $ P = 60,000 $, and $ r = 0.06 $. Solving for $ t $, we get $ t \approx 8 $ years.

Anna Has $60,000 to Invest