find the value of i given that p = 500, r = 0.12, and t = 2. i = prt (simple interest) i = \\square

Explanation:

Step1: Identify the formula and values

We use the simple interest formula ( I = prt ), where ( p = 500 ), ( r = 0.12 ), and ( t = 2 ).

Step2: Substitute the values into the formula

Substitute ( p = 500 ), ( r = 0.12 ), and ( t = 2 ) into ( I = prt ): ( I = 500\times0.12\times2 )

Step3: Perform the multiplication

First, calculate ( 500\times0.12 = 60 ). Then, calculate ( 60\times2 = 120 ).

Answer:

( 120 )