Question

Gordon Rosel went to his bank to find out how long it will take for $800 to amount to $920 at 8% simple interest. Calculate the number of years. (Round time in years to the nearest tenth.)

Answer 1

1.875 years or 1.9 if rounded to nearest tenth

Explanation:

8% simple interest of $800 is $64. you know that 1% will be $8 per year and that 2 years of 8% simple interest will be $128. If you subtract 8 from 128, it is $120. So it will take him 1.875 years or
`1(7)/(8)`