Question

Substitute the given values into the given formula and solve for the unknown variable. If necessary, round to one decimal place

1 = PRT;1 = 5040, P = 24,000, R=0.07 (Simple interest formula)

Answer 1

T = Time = 3 years

Explanation:

1 = PRT;

1 = Simple Interest = 5040

P = Principal = 24,000

R = Rate = 0.07

T = Time (years) = ? Unknown variable

Making T subject of the formula

T = 1/PR

T = 5040/24,000 × 0.07

T = 5040/1680

T = 3 years