Question

NEED HELP PLEASE!!!! GIVING FAN AND MEDAL!!!

Tina want to save money for school. Tina invest 1,000 in an account that pays and interest of 8%.

How many years will it take for the account to reach 1,300 round your answer to the nearest hundredth

Answer 1

@cj49

Answer 2

@aaronq

Answer 3

@Sionainn

Answer 4

Simple interest formula: I=PRT
In this case,
I=300
P=1000
R=.08
T=x
What you need to do is substitute the values into the equation and solve for x.

Answer 5

thats just thing i suck at algebra and dont know how to do that

Answer 6

Ok so the equation you have to solve is
300=1000*.08*x
Simplify (1000*.08)...
300=80*x
Simplfy (Divide by 80)...
3.75 = x
It would take 3.75 years to get to $1300, assuming there are no deposits or withdrawals.

Answer 7

it was wrong:(

Answer 8

Do you know if it's compound interest, not simple interest?

Answer 9

no just what i posted is all it says

Answer 10

Assuming simple interest, the formula you'll use is

A = P*(1+r*t)

in this case

A = 1300
P = 1000
r = 0.08
t = x

if you were to use the formula I = P*r*t then you have to subtract 1300-1000 to get 300 to get the interest only. So I = 300, P = 1000, r = 0.08, t = x

Answer 11

oh nvm, you have that already

Answer 12

Yeah, I don't know why it wouldn't be correct

Answer 13

the part "that pays and interest of 8%" looks like there's a typo there

Answer 14

Rosales0228 can you post a screenshot of the whole problem?

Answer 15

it wont let me i copied and pasted the whole problem

Answer 16

you're not able to use the printscreen function?

Answer 17

try that out

Answer 18

A=p(1+r)^t
p=amount of money invested
r=interest rate % in decimal form

Answer 19

so that implies they want to use compound interest

Answer 20

A=p(1+r)^t

1300=1000(1+0.08)^x

solve for x

Answer 21

@jim_thompson5910 ITS
RIGHT!!!!! THANKS SOOOO MUCH!!!!!!!

Answer 22

you're welcome