Final answer:
To solve for "t" in the formula 1 = PRT for interest on a principal amount in an investment with simple interest, divide both sides of the equation by PR to isolate t, then plug in the given values and solve.
Step-by-step explanation:
To solve for "t" in the formula 1 = PRT, where P represents the principal amount, R represents the interest rate, and T represents the time, you can follow these steps:
Step 1: Divide both sides of the equation by PR to isolate T.
Step 2: Plug in the given values for P and R into the equation and solve for T.
Let's say the principal amount is $500 and the interest rate is 3%. Using the formula, we have:
1 = 500 × 0.03 × T
Dividing both sides by 500 × 0.03 gives:
T = 1 / (500 × 0.03)
T = 1 / 15
T = 0.0667 years, or approximately 2.4 days.