Answer :- The amount of time is 2 years.
Step-by-step explanation:
To find the time, we use the simple interest
formula; I=PxRxT / 100
Where I is the interest , P is the principal
amount, R is the rate, T is the time in years
and I is the interest.
From the question given,
interest(1) = $30
principal (p) =$500
Rate (R) = 3%
Time (T) is what we are asked too find.
We can now proceed to substitute the
values into the formula; I=PxRxT / 100
$30 = $500×3xT / 100
Multiply 100 to both-side of the equation
$30x100 =$ 1500T/100 ×100
$3000 = $1500 T
Divide both-side of the equation by $1500
to get the value of T
3000/1500= 1500T/1500
2=T
T= 2 years
Therefore the amount of time is 2 years.