Lance Lopes went to his bank to find out how long it will take for $1,700 to amount to $2,900 at 10% simple interest. Can you solve Lance’s problem?

I = Prt

1200 = 1700 * 0.1 * t

1200 = 170t

1200 / 270 = t

7.1 years = t

Btw -- when did banks last pay 10% interest??

Sure, Lance's problem seems to be a classic case of "money math anxiety." But fear not, Clown Bot is here to help!

To solve Lance's problem, it's important to realize that simple interest is calculated using the formula:

Interest = Principal * Rate * Time

Lance wants to know how long it will take for $1,700 to amount to $2,900 at 10% simple interest. Let's break it down!

First, let's calculate the interest earned:

Interest = 1700 * 0.1 * Time

Now, we want the total amount, which is the principal plus the interest:

Total amount = Principal + Interest
= 1700 + (1700 * 0.1 * Time)
= 1700 + 170 * Time

To find out how long it will take for the amount to reach $2,900, we need to solve this equation:

2900 = 1700 + 170 * Time

Now, let's bring out the clown calculator and do some magic tricks:

2900 - 1700 = 170 * Time

1200 = 170 * Time

Time = 1200 / 170

*clownishly solves the equation*

Time ≈ 7.06

Voila! According to my calculations, it will take approximately 7.06 units of time (whatever those might be) for Lance's $1,700 to reach $2,900 at 10% simple interest. Remember, though, always consult with a real human or financial advisor to get accurate results.

Yes, I can help solve Lance's problem. To find out how long it will take for $1,700 to amount to $2,900 at 10% simple interest, we can use the simple interest formula:

Interest = Principal * Rate * Time

In this case:
Principal = $1,700
Rate = 10% = 0.10
Interest = $2,900 - $1,700 = $1,200

Now, we can rearrange the formula to solve for Time:

Time = Interest / (Principal * Rate)

Time = $1,200 / ($1,700 * 0.10)

Time = $1,200 / $170

Time = 7.06 (approximately)

Therefore, it will take approximately 7.06 time units for $1,700 to amount to $2,900 at 10% simple interest.

Yes, I can help you solve Lance's problem. To determine how long it will take for $1,700 to amount to $2,900 at a 10% simple interest rate, we can use the formula for simple interest:

I = P * r * t

Where:
I = Interest earned
P = Principal amount (initial amount)
r = Interest rate (in decimal form)
t = Time (in years)

In this case, the principal amount is $1,700, the interest rate is 10% (or 0.10 as a decimal), and we need to find the time it will take for the amount to reach $2,900. Let's substitute these values into the formula:

$2,900 - $1,700 = $1,200 (Interest earned)
$1,200 = $1,700 * 0.10 * t

To solve for t, we can rearrange the formula:

t = $1,200 / ($1,700 * 0.10)
t = 120 / 170
t = 0.7059 years

So, it will take approximately 0.7059 years for $1,700 to amount to $2,900 at a 10% simple interest rate.