Question

Michelle Payne deposited $8,000 in a savings account paying 6.25% simple interest. How long will it take for her investment to amount to $10,000?

Answer 1

I = prt -- Every time.

10000 - 8000 = 2000 = I

Go!

Answer 2

Simple interest formula:
A=P(1+rt)
10000=8000(1+0.0625t)
P=present amount
r=annual interest
t=number of years

Answer 3

i have done it like the both of you said and it is still saying I am wrong 8000*(1+.0625)
8000*1.0625=8500...
dont get it at all!!

Answer 4

You missed cj49's "t". You can't just throw it out. You must find it.

Answer 5

so i take 8500/10000 right?

Answer 6

Don't try to work in pieces. Write the WHOLE equation.

10000=8000(1+0.0625t)

Now, divide by 8000

10000/8000 = (1+0.0625t)
1.25 = (1+0.0625t)

Answer 7

i have done it and i am not getting it ugh business math is for smart ppl not me.

Answer 8

You have done what? SHOW your work. We cannot help you if we cannot see what you are doing!

1.25 = (1+0.0625t)

Subtract 1

1 = 0.0625t

Divide by 0.0625

1/0.0625 = t
t = 16

What were you doing that resulted in something else?