Answer:
t = 1.5 = 1 ½ years
Step-by-step explanation:
I = Prt
I is the interest in money, P is the principle in money, r is the rate, and t is the time in years
Given I = $174, P = $1450, and r = 8%.
Rearrange the formula so that t is being solved for:
I = Prt → I / Pr = Prt / Pr → I / Pr = t →
t = I / Pr.
Then substitute:
t = I / Pr → t = (174) / (1450)(8%) →
(174) / (1450)(0.08)
x% = x / 100.
(174) / (1450)(0.08) → 174 / 116 → 87 / 58 → 87 ÷ 29 / 58 ÷ 29 → 3/2.
3/2 = 1.5 = 1 ½.