How long it will take for $500 to amount to $850 at 10% simple interest.It will take
A)5 years.
B)3)5 years.
C)7 years.
D)10 years.
E)None of the above.

Question

Quizplus · Accepted Answer

Using the simple interest formula, we have:

I = P*r*t 
where 
I = interest earned 
P = principal 
r = interest rate (as a decimal)
t = time (in years)

We can rearrange this formula to solve for t:

t = I / (P*r)

In this problem, we are given P = $500, I = $850 - $500 = $350, and r = 10%. Substituting these values into the formula, we get:

t = $350 / ($500*0.1) = 7 years

Therefore, it will take 7 years for $500 to amount to $850 at 10% simple interest.

How Long It Will Take for $500 to Amount to $850