Question

Use the formula to find the value of t in the table I=$75 P=$500, r =5% what is the value of t in this table is how many years

Answer 1

t = 3 years

the formula for calculating simple interest (I ) is

I =
`(PRT)/(100)`

multiply both sides by 100

PRT = 100I

divide both sides by PR

T =
`(100I)/(PR)` =
`(100. 75)/(500. 5)` =
`(75)/(25)` = 3