Lance Lopes went to his bank to find out how long it will take for $1,700 to amount to $2,900 at 10% simple interest. Can you solve Lance’s problem?

Answer 1

I = Prt

1200 = 1700 * 0.1 * t

1200 = 170t

1200 / 270 = t

7.1 years = t

Btw -- when did banks last pay 10% interest??