Solve for TimeTime(Years)=Interest/(Principle x Rate)Principal $2,000Interest $480Rate 8%

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04-11-2022
Mathematics

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Solve for TimeTime(Years)=Interest/(Principle x Rate)Principal $2,000Interest $480Rate 8%

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PriyanshV470647idn PriyanshV470647idn · Answer 1 · 2022-11-04T03:51:26-04:00

PriyanshV470647idn PriyanshV470647idn

04-11-2022

ANSWER:

3 years

STEP-BY-STEP EXPLANATION:

Given:

Principal (p) = 2000

Interest (I) = 480

Rate (r) = 8% = 0.08

We substitute it into the formula, like this:

[tex]\begin{gathered} t=\frac{I}{P\cdot r} \\ \\ \text{ We replacing:} \\ \\ t=\frac{480}{2000\cdot0.08}=\frac{480}{160} \\ \\ t=3 \end{gathered}[/tex]

The time is 3 years

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