question 2 (multiple choice worth 1 points) (types of interest mc) given i = $350.40, p = $1,200, and r =…

Explanation:

Step1: Recall simple - interest formula

The simple - interest formula is $I = Prt$, where $I$ is the interest, $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years. We need to solve for $t$. First, convert $r = 3.65%$ to decimal form: $r=0.0365$.

Step2: Rearrange the formula for $t$

From $I = Prt$, we can solve for $t$ by dividing both sides of the equation by $Pr$. So, $t=\frac{I}{Pr}$.

Step3: Substitute the given values

Substitute $I = 350.40$, $P = 1200$, and $r = 0.0365$ into the formula for $t$. $t=\frac{350.40}{1200\times0.0365}$ $t=\frac{350.40}{43.8}$ $t = 8$

Answer:

$t = 8$