Use the formula $i = P r t$ to reach a solution for the following problem. How long (in years) will $7,560 need to be invested at a 7% annual interest rate to earn $2,646.00?
A) t = 4
B) t = 5
C) t = 7
D) t = 10
E) none of these

Question

Quizplus · Accepted Answer

Using the formula $i = P r t$, where $i = 2,646$, $P = 7,560$, and $r = 0.07$, solve for $t$:  $2,646 = 7,560 \times 0.07 \times t$  $2,646 = 529.2 \times t$  $t = \frac{2,646}{529.2} = 5$ years.

Use the Formula i=Prti = P r ti=Prt To Reach a Solution for the Following Problem

Use the Formula $i = P r t$ To Reach a Solution for the Following Problem