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 Question from sandeep, a student: Use the formula I = Prt to solve. Damon deposits $500 into a savings account that pays simple interest at a rate of 0.65% per year. How long will it take Damon to earn$130 in interest? P= r= 0.65/100= 0.0065 I= t=

Hi Sandeep,

$P$ is the principal, the amount of money invested so in your case that's $\$500$and$I$is the the amount of interest you earn so you want that to be$\$130.$ $t$ is the time in years and that is what you don't know. Thus from $I = P r t$ you have

$\130 = \500 \times 0.0065 \times t$

Solve for $t.$

Penny

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