How much time is needed for $1,800 to accumulate $360 in simple interest at a rate of 10%?
1 answer:
I = PRT....rearrange
I / PR = T
I = 360
P = 1800
R = 10% = 0.1
I/PR = T
360 / (1800*0.1) = T
360 / 180 = T
2 = T...so it would take 2 years
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