Please solve this question general Accounting Carrie would like to buy a boat that costs $14,300.She currently has $12,500 saved up and intends oninvesting this amount in an account that earns 8.5%simple interest.How long will it take for her account to reach theneeded amount to purchase the boat?

Step 1: Define Simple InterestThe calculation of a loan's interest rate can be done quickly and…

Answered: Carrie would like to buy a boat that…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Carrie would like to buy a boat that costs $14,300. She currently has $12,500 saved up and intends on investing this amount in an account that earns 8.5% simple interest. How long will it take for her account to reach the needed amount to purchase the boat?