The time with the help of simple interest formula.
Answer to Problem 1RE
The time is
Explanation of Solution
Formula used:
Simple Interest Formula:
Procedure used:
“To evaluate a formula:
Step 1: Write the formula.
Step 2: Rewrite the formula, substituting known values for variables of the formula.
Step 3: Solve the equation from Step 2 for the missing variable.
Step 4: Interpret the solution within the context of the formula.”
Calculation:
Given that,
The rate
Substitute the given values in the Simple Interest Formula
That is,
Thus, the time is
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