Question

Hi I have a question how do I do this questionFind the time (In years) given the simple interest earned is $378 the principal is $450 and interest rate is 12%

Answer 1

Given:-

The simple interest earned is $378 the principal is $450 and interest rate is 12%.

To find:-

The time.

So the formula is,

`Time=\frac{100* Intrest}{Pri\text{ ncipal}* Rate}`

Substituting the value we get,

`T=(100*378)/(450*12)`

So by simplifying we get,

`\begin{gathered} T=(37800)/(450*12) \\ T=(37800)/(5400) \\ T=7 \end{gathered}`

So the required solution is 7 years.