Question

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Answer 1

t = 14.9 years

Solution:

Given data:

I = $688.38, P = $550, r = 8.4%, t = ____ years

Simple interest formula:

$I=\frac{Prt}{100}$

$688.38=\frac{550 \times 8.4 \times t}{100}$

Switch the sides.

$\frac{550 \times 8.4 \times t}{100}=688.38$

Multiply by 100 on both sides.

$\frac{100 \times 550 \times 8.4 t}{100}=688.38 \times 100$

$550 \times 8.4 t=68838$

$4620 t=68838$

Divide by 4620 on both sides.

$\frac{4620 t}{4620}=\frac{68838}{4620}$

$t=\frac{149}{10}$

t = 14.9

Hence t = 14.9 years.