Question

gordon rosel went to his bank to find out how long it will take for $2,300 to amount to $2,980 at 8% simple interest. calculate the number of years.

Answer 1

To calculate the number of years it will take for $2,300 to amount to $2,980 at 8% simple interest, you can use the formula: Simple Interest = Principal × Rate × Time. Plugging in the values, the calculation yields approximately 1.48 years.

Step-by-step explanation:

To calculate the number of years it will take for $2,300 to amount to $2,980 at 8% simple interest, you can use the formula:

Simple Interest = Principal × Rate × Time

Here, the principal is $2,300, the rate is 8%, and the interest is $2,980 - $2,300 = $680.

Plugging in the values:

$680 = $2,300 × 0.08 × Time

Time = $680 / ($2,300 × 0.08)

Time ≈ 1.48 years