Samuel invested money in his bank account. He had a principal, P, of $100 in his account at the beginning of the period, which increased at a rate, r, of 0.15 per year. At the end of the period, he had interest, I, of $105 in his account. Use the simple interest formula I = Prt, to solve for the time, t, in months that it took to earn this amount.

Hey there! I'm happy to help!

Let's see what we have for each variable.

I = 105

P = 100

r = 0.15

Now, let's plug it in and solve for our t (time)

105=100(0.15)(t)

Swap sides so t is on the left.

100(0.15)(t)=105

Divide both sides by 100.

0.15t=1.05

Divide both sides by 0.15

t=700

So, we see that it takes 700 months to earn this amount.

Have a wonderful day and keep on learning! :D

700 months

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