SOLUTION: 1.How long will it take $9600 to earn $864 interest at 8%. Thank you so much

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Question 906108: 1.How long will it take $9600 to earn $864 interest at 8%.
Thank you so much

Answer by jim_thompson5910(35256) About Me  (Show Source):
You can put this solution on YOUR website!
Assuming simple interest

I = P*r*t

864 = 9600*0.08*t

864 = 768*t

864/768 = t

1.125 = t

t = 1.125

It will take 1.125 years

1.125 yrs = 1 + 0.125 = 1 + 12*0.125 = 1 + 1.5 = 1 year, 1.5 months

Put another, way, it will take 1 year & 1.5 months. You'll most likely have to round up to the nearest month.