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Samuel invested money in his bank account. He had a principal, P, of $100 in his account at the beginning of the period, which increased at a rate, r, of 0.15 per year. At the end of the period, he had interest, I, of $105 in his account. Use the simple interest formula I = Prt, to solve for the time, t, in months that it took to earn this amount.

Respuesta :

Hey there! I'm happy to help!

Let's see what we have for each variable.

I = 105

P = 100

r = 0.15

Now, let's plug it in and solve for our t (time)

105=100(0.15)(t)

Swap sides so t is on the left.

100(0.15)(t)=105

Divide both sides by 100.

0.15t=1.05

Divide both sides by 0.15

t=700

So, we see that it takes 700 months to earn this amount.

Have a wonderful day and keep on learning! :D

The number of months that it took to earn this amount will be 84 months.

What is simple interest?

Simple interest is the concept that is used in many companies such as banking, finance, automobile, and so on.

I = (PRT)/100

Where P is the principal, R is the rate of interest in percentage, and T is the time.

Samuel invested money in his bank account.

He had a principal, P, of $100 in his account at the beginning of the period, which increased at a rate, R, of 0.15 per year.

At the end of the period, he had interest, I, of $105 in his account.

105 = 100 x 0.15 x t

t = 1.05 / 0.15

t = 7 years

The number of months that it took to earn this amount will be

⇒ 7 x 12

⇒ 84 months

The number of months that it took to earn this amount will be 84 months.

More about the simple interest link is given below.

https://brainly.com/question/2793278

#SPJ2

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