Question

I = $60, P = $750, r = 4%, t = ?. Find the amount of time

Answer 1

Answer:

The time required to  accumulate simple interest of $ 60.00

from a principal of $ 750.00  at an interest rate of 4% per year  is 2 years.

Step-by-step explanation:

Given

• Interest I = $60

• Principle P =  $750

• Interest rate r = 4% = 0.04

To determine

Time period t = ?

Using the formula

I = Prt

t = I / Pr

substitute I = $60, P = $750 and r = 0.04 in the equation

t = 60 / ( 750 × 0.04 )

t = 2  years

Therefore, the time required to  accumulate simple interest of $ 60.00

from a principal of $ 750.00  at an interest rate of 4% per year  is 2 years.