ccarman
ccarman ccarman
  • 02-03-2020
  • Mathematics
contestada

Use the simple interest formula to determine the missing value.
1 = $1944, P = $8100, r=4%, t = ?

Respuesta :

Branta Branta
  • 02-03-2020

Answer:

t=6

Step-by-step explanation:

Simple Interest(I) = $1944

Principal Amount(P) = $8100

Rate(r) = 4%

We need to calculate the value of Time(t).

Simple Interest(I) = [tex]\[\frac{P*r*t}{100}\][/tex]

Substituting the values:

[tex]1944 = \frac{8100 * 4 * t}{100}[/tex]

[tex]=>1944 * 100 = 8100 * 4 * t[/tex]

[tex]=> t = \frac{1944 * 100}{8100*4}[/tex]

[tex]=> t = 6[/tex]

So the required time period is 6 years.

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