Answer:
Step-by-step explanation:
We have been given the formula to simple interest. We are asked to find the variable t using the given formula and given values.
Simple interest formula: , where,
= Amount of interest after t years,
P = Principal amount,
r = Annual interest rate in decimal form,
t = Time in years.
Given: , ,
Let us convert our given interest rate in decimal form.
Upon substituting our given values in simple interest formula, we will get:
Therefore, the value of t is 2.5 years.