Question

Use the formula to find the value of t in the table I=$75 P=$500, r =5% what is the value of t in this table is how many years

Answer 1

t = 3 years

the formula for calculating simple interest (I ) is

I = $\frac{PRT}{100}$

multiply both sides by 100

PRT = 100I

divide both sides by PR

T = $\frac{100I}{PR}$ = $\frac{100. 75}{500. 5}$ = $\frac{75}{25}$ = 3