Question

We need to solve the formula for t . I=prt I=$75 p=$500 r=5%
What is I

Answer 1

3 years

Explanation:

Use the formula for simple interest:
`I=P*r*t`

replace each parameter with the given values (remember that the rarte "r" needs to be included in its decimal form 5%=0.05), and solve for the unknown t:

`I=P*r*t\\75=500*0.05*t\\75=25*t\\(75)/(25) =t\\t=3`

The answer for the time comes in years, therefore t is 3 years