Final answer:
To determine how long it will take for $1,100 to grow to $1,750 at a simple interest rate of 8%, the simple interest formula is applied and it is found that it will take approximately 7.4 years when rounded to the nearest tenth.
Step-by-step explanation:
The question asks how long it will take for an amount of $1,100 to grow to $1,750 at a simple interest rate of 8%. To find the amount of time, we can use the simple interest formula, which is:
Interest = Principal × Rate × Time
We know the following:
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- Principal (P) = $1,100
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- Rate (R) = 8% or 0.08 as a decimal
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- Interest (I) = $1,750 - $1,100 = $650
Substituting these values into the formula and solving for Time (T), we have:
T = I / (P × R)
T = $650 / ($1,100 × 0.08)
T = $650 / $88
T = 7.386
After calculating, we round the time to the nearest tenth of a year, yielding:
7.4 years
Therefore, it will take approximately 7.4 years for $1,100 to grow to $1,750 at a simple interest rate of 8%.