



 
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  


Math Central is supported by the University of Regina and The Pacific Institute for the Mathematical Sciences. 