Question

Find the amount of time. I = $72, P = $600, r = 4%

Answer 1

3 years.

Step-by-step explanation:

For a Principal (P) saved at simple interest, we use the formula below:

`Simple\: Interest=(Principal* Rate* Time)/(100)`

Substituting the given values: I = $72, P = $600, r = 4%​

`72=(600*4* T)/(100)`

We then solve for T (Time):

`\begin{gathered} 600*4* T=72*100 \\ T=(72*100)/(600*4) \\ T=3 \end{gathered}`

The amount of time is 3 years.