Question

PLSSS HELP AND EXPLAIN YOUR ANSWER!! :)

Answer 1

t = 14.9 years

Solution:

Given data:

I = $688.38, P = $550, r = 8.4%, t = ____ years

Simple interest formula:

`$I=(Prt)/(100)`

`$688.38=(550 * 8.4 * t)/(100)`

Switch the sides.

`$(550 * 8.4 * t)/(100)=688.38`

Multiply by 100 on both sides.

`$(100 * 550 * 8.4 t)/(100)=688.38 * 100`

`$550 * 8.4 t=68838`

`4620 t=68838`

Divide by 4620 on both sides.

`$(4620 t)/(4620)=(68838)/(4620)`

`$t=(149)/(10)`

t = 14.9

Hence t = 14.9 years.