Question

Find the amount of time. I=$450, P=$2400, r=7.5% Help!

Answer 1

I = PRT.....rearrange = I / PR = T
I = 450
R = 7.5%...turn to decimal = 0.075
P = 2400

I / (PR) = T
450 / (2400 * 0.075) = T
450 / 180 = T
2.5 = T...so time is 2.5 years, or 2 1/2 years