Question

Find the time if at the rate of 8% 45200 yeilds 14164 interest

Answer 1

To find the time when an amount at a specific interest rate yields a certain amount of interest, you can use the formula for simple interest:

\[
I = P \times r \times t
\]

where:
- \( I \) is the interest earned,
- \( P \) is the principal amount (the initial amount),
- \( r \) is the rate of interest (in decimal),
- \( t \) is the time (in years).

Given:
- \( I = 14164 \)
- \( P = 45200 \)
- \( r = 8\% = 0.08 \)

You can rearrange the formula to solve for time \( t \):

\[
t = \frac{I}{P \times r}
\]

Now, substituting in the values:

\[
t = \frac{14164}{45200 \times 0.08}
\]

Calculating \( 45200 \times 0.08 \):

\[
45200 \times 0.08 = 3616
\]

Now substitute back into the equation:

\[
t = \frac{14164}{3616}
\]

Now calculate \( t \):

\[
t \approx 3.91
\]

So, the time is approximately **3.91 years**.