Question

use the simple interest formula to determine the missing value.
p = $948.89, r = 3.5%, t =?, i = $99.63
t = \square years
(do not round until the final answer. then round to the nearest whole number as needed )

Explanation:

Step1: Recall simple interest formula

The simple interest formula is $i = p \times r \times t$, where $i$ is interest, $p$ is principal, $r$ is annual interest rate (in decimal), and $t$ is time in years.

Step2: Convert rate to decimal

Convert $3.5\%$ to decimal: $r = \frac{3.5}{100} = 0.035$

Step3: Rearrange formula for $t$

Isolate $t$: $t = \frac{i}{p \times r}$

Step4: Substitute given values

Substitute $i=\$99.63$, $p=\$948.89$, $r=0.035$:
$t = \frac{99.63}{948.89 \times 0.035}$

Step5: Calculate denominator first

$948.89 \times 0.035 = 33.21115$

Step6: Compute final $t$ value

$t = \frac{99.63}{33.21115} \approx 2.9999 \approx 3$

Answer:

$3$ years