Questions: Use the simple interest formula I= Prt and elementary algebra to find the missing quantities in the table below I P r t ------------ 3720 9300 8% years

Transcript text: Use the simple interest formula $I= Prt$ and elementary algebra to find the missing quantities in the table below \begin{tabular}{|c|c|c|c|} \hline $\mathbf{I}$ & $\mathbf{P}$ & $\mathbf{r}$ & $\mathbf{t}$ \\ \hline$\$ 3720$ & $\$ 9300$ & $8 \%$ & $\square$ years \\ \hline \end{tabular}

Solution

Solution Steps

Step 1: Identify the given values

We are given the following values from the table:

Interest $ I = \$3720 $
Principal $ P = \$9300 $
Rate $ r = 8\% = 0.08 $ (as a decimal)
Time $ t = ? $ (to be found)

Step 2: Write down the simple interest formula

The simple interest formula is: \[ I = Prt \] where:

$ I $ is the interest,
$ P $ is the principal,
$ r $ is the rate (as a decimal),
$ t $ is the time in years.

Step 3: Substitute the known values into the formula

Substitute $ I = 3720 $, $ P = 9300 $, and $ r = 0.08 $ into the formula: \[ 3720 = 9300 \times 0.08 \times t \]

Step 4: Solve for $ t $

First, calculate $ 9300 \times 0.08 $: \[ 9300 \times 0.08 = 744 \] Now, substitute this back into the equation: \[ 3720 = 744 \times t \] To solve for $ t $, divide both sides by 744: \[ t = \frac{3720}{744} = 5 \]

Final Answer

The missing time $ t $ is: \[ \boxed{t = 5 \text{ years}} \]

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