t = 14.9 years
Solution:
Given data:
I = $688.38, P = $550, r = 8.4%, t = ____ years
Simple interest formula:
[tex]$I=\frac{Prt}{100}[/tex]
[tex]$688.38=\frac{550 \times 8.4 \times t}{100}[/tex]
Switch the sides.
[tex]$\frac{550 \times 8.4 \times t}{100}=688.38[/tex]
Multiply by 100 on both sides.
[tex]$\frac{100 \times 550 \times 8.4 t}{100}=688.38 \times 100[/tex]
[tex]$550 \times 8.4 t=68838[/tex]
[tex]4620 t=68838[/tex]
Divide by 4620 on both sides.
[tex]$\frac{4620 t}{4620}=\frac{68838}{4620}[/tex]
[tex]$t=\frac{149}{10}[/tex]
t = 14.9
Hence t = 14.9 years.
