true or false: rounded to the nearest tenth, it would take 11.1 years for $550 to double if your simple…

Explanation:

Step1: Define simple - interest formula

The simple - interest formula is $A = P(1+rt)$, where $A$ is the final amount, $P$ is the principal amount, $r$ is the annual interest rate, and $t$ is the time in years. We want to double the principal, so $A = 2P$. Given $P = 550$, $A=1100$ and $r = 0.25$.

Step2: Substitute values into formula

Substitute $A = 2P$, $r = 0.25$ into $A = P(1 + rt)$: [ \begin{align*} 2P&=P(1 + 0.25t)\ 2&=1 + 0.25t \end{align*} ]

Step3: Solve for $t$

Subtract 1 from both sides: $2−1=0.25t$, so $1 = 0.25t$. Then divide both sides by 0.25: $t=\frac{1}{0.25}=4$.

Answer:

False