you can afford to invest $150 per month in an annuity that earns 4% per year, compounded monthly. How long will it take before your investment is worth $6000?

The time it will take before your investment is worth $6000 = 7 years

Calculation of simple interest

The amount of money invested per month = $150

Therefore the amount principally invested yearly;

= 12 × 150 = $1,800

Simple interest = $6000

Rate = 4%

Time = ?

Using the formula for Simple interest (SI)=P×T×R/100

timeit will take before your investment is worth $6000 = 7 years## Calculation of simple interest

amountof money invested per month = $150amountprincipally investedyearly;Simple interest= $6000Time= ?Simple interest (SI)=P×T×R/10083months/ 12 = 7 yearssimple interesthere: