find the missing value. round your answer to the nearest year.\nprincipal rate time simple interest\n$800…
find the missing value. round your answer to the nearest year.\nprincipal rate time simple interest\n$800 8\\frac{7}{10}\\% years $487.20
Answer
Explanation:
Step1: Convert the rate to decimal
The rate is $8\frac{7}{10}%=\frac{87}{10}% = 0.087$.
Step2: Use the simple - interest formula
The simple - interest formula is $I = Prt$, where $I$ is the simple interest, $P$ is the principal, $r$ is the annual interest rate, and $t$ is the time in years. We need to solve for $t$. Rearranging the formula gives $t=\frac{I}{Pr}$.
Step3: Substitute the given values
Substitute $P = 800$, $r=0.087$, and $I = 487.20$ into the formula: $t=\frac{487.20}{800\times0.087}$. First, calculate $800\times0.087 = 69.6$. Then, $t=\frac{487.20}{69.6}=7$.
Answer:
7