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3 years ago

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

Mathematics

1 answer:

Anuta_ua [19.1K]3 years ago

5 0

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.

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