Final answer:
It will take 1.5 years to earn $54 in interest with a principal of $800 at a 4.5% interest rate.
Step-by-step explanation:
To calculate the amount of time (t) it takes to earn $54 in interest at a rate (r) of 4.5% with a principal (P) of $800, we will use the formula for simple interest: Interest = Principal × rate × time. Substituting the given values into the formula, we get $54 = $800 × 0.045 × t. Solving for t gives t = $54 / ($800 × 0.045). Doing the arithmetic:
t = $54 / $36
t = 1.5 years
Therefore, it will take 1.5 years to earn $54 in interest at a 4.5% rate with a $800 principal.