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John goal in life is to be a millionaire he has 6980 in a savings account and earn 18% rate of every return every year how many years does it take for john to have 1000000

Respuesta :

avery562

Answer:

790.3693091 years

Step-by-step explanation:

6980x.18=1256.4 1000000-6980=993020/1256.4=790.3693091 years

vijayhalder031

John will earn 1000000 in 790.3693091 years

Simple  Interest

  • Simple interest is calculated with the following formula:   I= P × R × n/100, where P = Principal, R = Rate of Interest in % per annum, and n= number of years.

Amount

  • The sum of principal(P) and its interest(I) is known as Amount(A).
  • Amount(A)=Principal(P)+Interest(I)

How to solve this problem ?

  • The steps are as follow:

P=6980

R=18%

A=1000000

A=P+I

1000000=6980+I

I=1000000-6980

I=993020

  • Therefore,

I=(P×R×n)/100

993020=6980×18×n/100

993020=125640×n/100

n=993020×100/125640

n=790.3693091 years

Learn more about Simple interest here:

https://brainly.com/question/15536270

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