find the missing value. round your answer to the nearest year.\nprincipal rate time simple interest\n$13,600…
find the missing value. round your answer to the nearest year.\nprincipal rate time simple interest\n$13,600 9\\frac{4}{5}\\% years $3998.40
Answer
Explanation:
Step1: Convert the rate to decimal
The rate $9\frac{4}{5}%=\frac{49}{5}% = 0.098$.
Step2: Use the simple - interest formula $I = Prt$
We know that $I = 3998.40$, $P=13600$, and $r = 0.098$. We need to solve for $t$. Rearranging the formula $t=\frac{I}{Pr}$. Substitute the values: $t=\frac{3998.40}{13600\times0.098}$. First, calculate the denominator: $13600\times0.098 = 1332.8$. Then, calculate $t$: $t=\frac{3998.40}{1332.8}=3$.
Answer:
3