Final answer:
To solve for time t in the formula i=prt, substitute the given values and rearrange the equation to t = i / (p * r). With p=$1,400, i=$112, and r=2%, the time t turns out to be 4 years.
Step-by-step explanation:
To solve the formula i=prt for the time t, when the principal amount p is $1,400, the interest i is $112, and the rate r is 2%, we must rearrange the formula to solve for t. The formula becomes t = i / (p * r). First, we need to convert the percent rate to its decimal form by dividing it by 100, which gives us 0.02. Substituting the given values into the formula, we get:
t = $112 / ($1,400 * 0.02)
t = $112 / $28
Now, divide $112 by $28 to find the time:
t = 4
Therefore, the time t is 4 years.