Respuesta :
Answer:
The amount of time is 3 years.
Step-by-step explanation:
Given : I=$60, P=$400, r=5%
We have to find the amount of time.
Using formula for Simple interest
[tex]SI=P \times r \times t[/tex]
Where,
SI stands for simple interest
P is principal
r is rate
t is time period.
Substitute, I=$60, P=$400, r=5% = 0.05
we have,
[tex]60=400 \times 0.05 \times t[/tex]
Simplify for t , we have,
[tex]t=\frac{60}{400 \times 0.05}[/tex]
Simplify, we have,
t = 3
Thus, the amount of time is 3 years.
