Question

Suppose that you plan on investing into a account paying simple interest. The formula for simple interest is I = Prt, where I is the interest earned on a investment of P dollars, at the given rate r, over t years. If the banker tells you that the time for your investment is determine by the following t = (I)/r, would they be correct?

Answer 1

Answer:

No

Step-by-step explanation:

No.

i = prt is correct; its result is the simple interest earned.  

If you want to solve for time, t, divide both sides by pr:

i/(pr) = t