Answer:
Explanation:
Given:
Simple Interest = $50
Principal Amount= $500
Rate of Interest = 9.5%
Find:
Time=?
The formula for Simple Interest is
I=PRT
{I=Simple Interest
P=Principal amount
R=Rate of Interest
T=Time}
To find out the time for the simple interest to get to $50:
Acc. to the formula T=I/PR
i.e., T=50/(500*9.5/100)
T=100*50/500*9.5
T=100/95
T=1.05 years
Therefore, it will take 1.05 years to get a simple interest of $50 at a rate of 9.5% for a principal amount of $500.