Question

Jerry stevens wants to know how long it will take $1,100 to amount to $1,750 at a simple interest rate of 8 1/2%. Could you help jerry? Round time in years to nearest tenth

Answer 1

$\bf \qquad \textit{Simple Interest Earned Amount}\\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\to &\ 1750\\ P=\textit{original amount deposited}\to& \ 1100\\ r=rate\to 8\frac{1}{2}\%\to \frac{8\frac{1}{2}}{100}\to &0.085\\ t=years \end{cases} \\\\\\ 1750=1100(1+0.085t)$

solve for "t"