Question

Use the formula to find the amount, A= P(1+rt), to find the indicated quantity A=$672; P=600; R=12%; T=? T=year(s)

Answer 1

A=P(1+rt)
A=672, P=600, R=0.12
672=600(1+0.12t)
1+0.12t=672/600=1.12
0.12t=0.12
t=0.12/.12=1
Answer: T=1 year