Questions: Use the formula for the amount, A=P(1+rt), to find the indicated quantity. A= 924 ; P= 600 ; r=18 % ; t=? t= year(s) (Type an integer or a decimal.)

Solution Steps

To find the time \( t \), we can rearrange the formula for the amount \( A = P(1 + rt) \) to solve for \( t \). We will substitute the given values for \( A \), \( P \), and \( r \) into the equation and solve for \( t \).

We start with the formula for the amount: \[ A = P(1 + rt) \] To find \( t \), we rearrange the formula: \[ t = \frac{\frac{A}{P} - 1}{r} \]

Next, we substitute the given values into the rearranged formula:

• \( A = 924 \)
• \( P = 600 \)
• \( r = 0.18 \)

This gives us: \[ t = \frac{\frac{924}{600} - 1}{0.18} \]

Now we perform the calculations:

1. Calculate \( \frac{924}{600} = 1.54 \).
2. Subtract 1: \( 1.54 - 1 = 0.54 \).
3. Divide by \( 0.18 \): \[ t = \frac{0.54}{0.18} = 3.0000 \]

Final Answer