Final answer:
Option C: The time period for which the simple interest on ₱2,200.00 at 6.5% per annum was calculated is 4 years, which is found by using the simple interest formula and rearranging it to solve for the time.
Step-by-step explanation:
The time period for which the simple interest is calculated can be found using the simple interest formula I = PRT, where I is the interest, P is the principal amount, R is the interest rate, and T is the time in years. In this student's question, the principal amount (P) is ₱2,200.00, the interest rate (R) is 6.5%, or 0.065 as a decimal, and the simple interest (I) is ₱572.00. Plugging these values into the formula allows us to solve for the time period (T).
T = I / (PR) = ₱572.00 / (₱2,200.00 × 0.065) = ₱572.00 / ₱143.00 = 4 years.
Therefore, the correct answer is c) 4 years. The interest was calculated over a period of 4 years.
To calculate the time period for which the interest is calculated, we need to use the formula for simple interest: Simple Interest = Principal x Rate x Time. Given that the principal (P) is ₱2,200.00, the rate (R) is 6 1/2% (or 0.065 as a decimal), and the simple interest (I) is ₱572.00, we can rearrange the formula to solve for time (T):
Time (T) = Simple Interest / (Principal x Rate)
Plugging in the values: Time (T) = ₱572.00 / (₱2,200.00 x 0.065)
Calculating this, we find that T is approximately 2.29 years. Since time is typically measured in whole numbers, we can round up to the nearest whole number. Therefore, the time period for which the interest is calculated is 3 years (option b).