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
Math? Finance?? What is the subject area of the question you're asking, not your school name?
1650-1200 = 450
1200*0.08 = 96
450/96 = 4.7 years
incorrect each year the amount of interest gained would increase it would not be the same for each year it would increase
Nope, Jack. Here is a link defining simple interest.
http://www.investopedia.com/terms/s/simple_interest.asp
To find out how long it will take for $1,200 to amount to $1,650 at 8% simple interest, we need to use the formula for simple interest:
Interest = Principal × Rate × Time
First, let's rearrange the formula to solve for Time:
Time = Interest / (Principal × Rate)
The interest is the difference between the final amount and the principal:
Interest = Final Amount - Principal
In this case, the principal is $1,200 and the final amount is $1,650. Plugging these values into the formula:
Interest = $1,650 - $1,200 = $450
Now, we can calculate the time it will take using the formula:
Time = $450 / ($1,200 × 8%)
8% can be written as 0.08, so:
Time = $450 / ($1,200 × 0.08)
Calculating:
Time = $450 / $96
Time ≈ 4.6875 years
Rounding to the nearest tenth, the answer is approximately 4.7 years.