Answer:
7.2 years.
Step-by-step explanation:
Bill Roe visited his local bank to see how long it will take for $1,000 to amount to $1,900 at a simple interest rate of [tex]12\frac{1}{2}[/tex]%
Formula of simple interest
A = P(1+rt)
A = Future amount
P = principal amount
t = time
r = rate of interest
1,900 = 1,000(1 + 0.125t)
1,900 = 1,000 + 125t
125t = 1900 -1000
125t = 900
t = [tex]\frac{900}{125}[/tex] = 7.2 years
It will take 7.2 years.
