Difficulty: Easy
Correct Answer: 162/3 yr
Explanation:
Introduction / Context:
For simple interest, the amount owed after t years is A = P * (1 + r * t). Setting two such linear expressions equal allows solving for t.
Given Data / Assumptions:
Concept / Approach:
Equate A1 = 800(1 + 0.06 t) and A2 = 600(1 + 0.10 t), then solve for t.
Step-by-Step Solution:
800 + 48t = 600 + 60t200 = 12t → t = 200 / 12 = 16 2/3 years
Verification / Alternative check:
At t = 16 2/3, A1 = 800 + 48*(16 2/3) = 800 + 800 = 1600; A2 = 600 + 60*(16 2/3) = 600 + 1000 = 1600.
Why Other Options Are Wrong:
5 1/3, 14 1/2, and 18 1/3 years produce unequal amounts.
Common Pitfalls:
Equating interests instead of amounts; forgetting to multiply rate by principal.
Final Answer:
162/3 yr
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