Respuesta :
Answer:
Simple interest is calculated with the following formula: S.I. = P+(P × R × T), where P = Principal (initial amount) , R = Rate of Interest in % per annum, and T = Time in years, S.I. equals final amount.
575 = 500+(500 * 6% * T.)
75 = 30 T
T = 2.5 years
Money stayed in the bank for 19 years 2 months and 1 day.
Find time by using the formula , where I is interest, P is total principal, i is rate of interest per year, and t is total time in years.
I = $575, P = $500 and i = 6%,
I = P • i • t
t = I
__
i • p
t = 575
________
0.06 • 500
t = 19.1667 years = 19 years 2 months and 1 day
Find time by using the formula , where I is interest, P is total principal, i is rate of interest per year, and t is total time in years.
I = $575, P = $500 and i = 6%,
I = P • i • t
t = I
__
i • p
t = 575
________
0.06 • 500
t = 19.1667 years = 19 years 2 months and 1 day