Ask Question
14 December, 02:45

Corey is trying to save money to buy a new TV. He invests $800 into an account paying 6.5% simple interest. For how long must he save if the TV costs $950?

+1
Answers (2)
  1. 14 December, 03:10
    0
    Time = 2.88 years ≈ 3 years

    Explanation:

    Data provided in the question:

    Amount invested = $800

    Simple rate of interest = 6.5% = 0.065

    Amount to be saved = $950

    Now,

    Final amount = Principle + Interest gained

    Using simple interest formula

    Interest gained = Principle * Rate * Time

    or

    = $800 * 0.065 * Time

    thus,

    $950 = $800 + $800 * 0.065 * Time

    or

    $150 = $52 * Time

    or

    Time = 2.88 years ≈ 3 years
  2. 14 December, 03:13
    0
    Answer:B. 3 years
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Corey is trying to save money to buy a new TV. He invests $800 into an account paying 6.5% simple interest. For how long must he save if ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers