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