Question

Item 6 Find the amount of time. I=$30, P=$500, r=3% The amount of time is years.

Answer 1

Use the interest formula, fill in the given numbers, and solve for the remaining value.
.. I = Prt
.. 30 = 500*.03*t . . . . . substitute the given values
.. 30/15 = t = 2 . . . . . . . divide by the coefficient of t and evaluate

The time is 2 years.