Question

Find the amount of time.

I=$60, P=$400, r=5%

Answer 1

I=PRT
$60=400 x .05 x t
$60=20 x t
3=t

Time is 3.

Answer 2

The amount of time is 3 years.

Explanation:

Given : I=$60, P=$400, r=5%

We have to find the amount of time.

Using formula for Simple interest

`SI=P * r * t`

Where,

SI stands for simple interest

P is principal

r is rate

t is time period.

Substitute, I=$60, P=$400, r=5% = 0.05

we have,

`60=400 * 0.05 * t`

Simplify for t , we have,

`t=(60)/(400 * 0.05)`

Simplify, we have,

t = 3

Thus, the amount of time is 3 years.