Question

Find the amount of time.

I=$30, P=$500, r=3%
The amount of time is
years.

Answer 1

The amount of time is 2 years

Answer 2

The amount of time is 2 years.

Explanation:

To find the time, we use the simple interest formula;

I = P × R × T / 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(I) = $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 = P × R × T / 100

$30 = $500×3×T / 100

$30 = $1500 T / 100

Multiply 100 to both-side of the equation

$30×100 =$
`(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.