Answer:
About 3 years
Step-by-step explanation:
8% in decimal form is just moving the decimal place of 8 two places over to the left and adding. So 8 turns into 0.08, add the 1, and that gives you 1.08.
Multiply that 1.08 by the money initial money, 12,000, and put an x next to the 1.08 in parentheses to symbolize the unknown amount of time in years. We're looking for the number (x) that will make our equation equal 37,920 so we will make our equation equal that.
37920 = 12000(1.08x)
To get the x alone, divide both sides by 12000. This cancels out the 12000 on the right side which leaves the x by itself
[tex]\frac{37920}{12000}[/tex] = [tex]\frac{12000}{12000}[/tex](1.08x)
3.16 = 1.08x
Divide by 1.08 on both sides to cancel 1.08 out to leave the x by itself
[tex]\frac{3.16}{1.08}[/tex] = [tex]\frac{1.08x}{1.08}[/tex]
2.9 = x
Round the 2.9 up like instructed and that makes it 3 years.
