Question

Lance Lopes went to his bank to find out how long it will take for $1,300 to amount to $1,925 at 8% simple interest. Can you solve Lance’s problem? (Round time in years to the nearest tenth.)

Answer 1

Answer:

It will take 6 years to generate an amount of 1,925

Explanation:

$Amount - Principal = Interest$

1,925 - 1,300 = 625 interest

Then we calcualte the interest

$Principal \times rae \times time = Interest$

We post our know values and sovle for time

1,300 x 0.08 x time = 625

625/(1,300x0.08) = time 6.0096 = 6 years

Answer 2

Answer:

here u go

Explanation:

It will take 6 years to generate an amount of 1,925