Question

How long would Joey need to invest his $300 at 4% annual interest if he wants to end up with $400? Assume simple interest, I = PRT and round to the nearest tenth of a year.

Answer 1

1 year

Explanation:

the equation to find simple interest

A = P (1 + rt)

so plug in yore numbers

400=300(1+0.4*t)

400=300+120t

120=120t

1=t