Question

Solve for the time, t, when I = $2,322, P = $9,000, and r = 4.3%. Use the formula I = Prt.

Answer 1

To solve for time, you need to determine first the formula.
The formula of solving time is: t = I/Pr

Solution: t = I/Pr
= 2,322 / (9,000) (0.043)
= 2,322 / 387
t = 6

Answer: The answer is t = 6