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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.)

Respuesta :

TomShelby

Answer:

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

Explanation:

[tex]Amount - Principal = Interest[/tex]

1,925 - 1,300 = 625 interest

Then we calcualte the interest

[tex]Principal \times rae \times time = Interest[/tex]

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

chandlerma771

Answer:

here u go

Explanation:

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

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