Gordon rosel went to his bank to find out how long it will take for $1,200 to amount to $1,650 at 8% simple interest. calculate the number of years. (round time in years to the nearest tenth.) number of years

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21-09-2017
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Gordon rosel went to his bank to find out how long it will take for $1,200 to amount to $1,650 at 8% simple interest. calculate the number of years. (round time in years to the nearest tenth.) number of years

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Aliwohaish12 Aliwohaish12 · Answer 1 · 2017-09-22T19:04:58+02:00

The formula is
A=p (1+rt)
A future value 1650
P present value 1200
R interest rate 0.08
T time?
1650=1200 (1+0.08t)
Solve for t
Divide both sides by 1200
1650/1200=1+0.08t
Subtract 1 for both sides
(1650/1200)-1=0.08t
Divide both sides by 0.08
T=((1,650÷1,200)−1)÷0.08
T=4.69 years round your answer to get 5 years

Another way using the formula of simple interest
I=prt
I interest earned which can be found by subtracting the present value from the future value (A-p)=1650-1200=450.
P principle 1200
R interest rate 0.08
T time?
Solve the formula for t
T=I/pr
T=450÷(1200×0.08)
T=4.69 years round your answer to get 5 years

Hope it helps!

smecloudbird17 smecloudbird17 · Answer 2 · 2022-07-02T13:30:04+02:00

It will take [tex]5[/tex] years for principal [tex]\$1,200[/tex] to amount [tex]\$1,650[/tex] at [tex]8\%[/tex] simple interest.

What is principal?

"Principal is the amount which is taken by an individual as a loan."

What is amount?

"Amount is the total money paid back at the end of the time period for which it was borrowed."

What is simple interest?

"Simple interest is the interest calculated on the principal amount."

Principal [tex]P=\$1,200[/tex]

Amount [tex]A=\$1,650[/tex]

Rate [tex]R=8\%[/tex]

Simple interest [tex]S.I=A-P[/tex]

[tex]=1650-1200\\=\$450[/tex]

Formula to be used

[tex]S.I=\frac{PRT}{100}[/tex]

[tex]450=\frac{(1200)(8)(T)}{100} \\T=\frac{(450)(100)}{(1200)(8)} \\T=4.6875\\T=5[/tex]

Hence, the number of years is [tex]5[/tex] years.

To learn more about Simple interest here

https://brainly.com/question/22621039

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