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Gordon Rosel went to his bank to find out how long it will take for $2,500 to amount to $3,090 at 6% simple interest. Calculate the number of years. (Round time in years to the nearest tenth.)
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Gordon Rosel went to his bank to find out how long it will take for $2,500 to amount to $3,090 at 6% simple interest. Calculate the number of years. (Round time in years to the nearest tenth.)

User Pawi
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2 Answers

5 votes
A(t) = P(1+rt)
2310 = 1800(1+0.0775*t)
1.2833 = 1+0.0775t
0.0775t = 0.2833
User Incompetent
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5 votes
It will take 4 years
User Analia
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