Given the following values, use the simple interest formula to find the remaining variable. State
the answer in years and months (months rounded to the nearest tenth).

years
months

Ask by Page Bowman. in the United States

Mar 30,2025

Question

Given the following values, use the simple interest formula to find the remaining variable. State
the answer in years and months (months rounded to the nearest tenth).

years
months

Ask by Page Bowman. in the United States

Mar 30,2025

UpStudy AI · Accepted Answer

**Step 1:** Write down the simple interest formula and solve for $$ t $$:
$$
I = P r t \quad \Longrightarrow \quad t = \frac{I}{P r}
$$

**Step 2:** Convert the interest rate from a percentage to a decimal:
$$
r = 4.11\% = 0.0411
$$

**Step 3:** Substitute the given values into the formula:
$$
t = \frac{300.90}{511.00 \times 0.0411}
$$

**Step 4:** Calculate the denominator:
$$
511.00 \times 0.0411 \approx 21.0021
$$

**Step 5:** Calculate the time in years:
$$
t \approx \frac{300.90}{21.0021} \approx 14.33\ \text{years}
$$

**Step 6:** Convert the fractional part of the years to months:
$$
0.33\ \text{years} \times 12 \approx 3.96\ \text{months}
$$
Rounding to the nearest tenth, we get:
$$
3.9\ \text{months}
$$

**Answer:**  
$$ 14 $$ years  
$$ 3.9 $$ months
The time is approximately 14 years and 3.9 months.

Given the following values, use the simple interest formula to find the remaining variable. State
the answer in years and months (months rounded to the nearest tenth).

years
months

Upstudy AI Solution

Answer

Solution

Mind Expander

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Given the following values, use the simple interest formula to find the remaining variable. State the answer in years and months (months rounded to the nearest tenth). years months

Upstudy AI Solution

Answer

Solution

Mind Expander

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Given the following values, use the simple interest formula to find the remaining variable. State
the answer in years and months (months rounded to the nearest tenth).

years
months