You would like to invest your current savings of $2200 so that it would grow to $3000
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Question:
You would like to invest your current savings of $2200 so that it would grow to $3000 in 3 years.
a) What simple interest rate would you need?
b) At 5% simple interest, how long would it take for $2200 to grow to $3000?
c) What principal invested today at 4% simple interest would grow to $3000 in 3 years?
Expert Answer:
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