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Gekata [30.6K]
3 years ago
11

8. 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 h

elp Jerry? Round time in years to nearest tenth.
Mathematics
1 answer:
erma4kov [3.2K]3 years ago
3 0
<span>Result at the end of year one :</span>
Final amount= initial amount +(initial amount)x(interest in %)x (time in year) 

1750 = 1100 + (1100x0.085)(t)==> 1750-1100 = (1100x0.085)(t)

t= (650) / (1100x0.085) ==> t = 6.95 years
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