Question
gordon rosel went to his bank to find out how long it will take for 1,200 to amount to 1,650 at 8% simple interest. round to the nearest tenth
Answers
Writeacher
Math? Finance?? What is the <b>subject area</b> of the question you're asking, not your school name?
kuai
1650-1200 = 450
1200*0.08 = 96
450/96 = 4.7 years
1200*0.08 = 96
450/96 = 4.7 years
Jack
incorrect each year the amount of interest gained would increase it would not be the same for each year it would increase
DrBob222
Nope, Jack. Here is a link defining simple interest.
http://www.investopedia.com/terms/s/simple_interest.asp
http://www.investopedia.com/terms/s/simple_interest.asp