Verified Answer :

I=PRT
$60=400 x .05 x t
$60=20 x t
3=t

Time is 3.

Answer:

The amount of time is 3 years.

Step-by-step explanation:

Given : I=$60, P=$400, r=5%

We have to find the amount of time.

Using formula for Simple interest

\(SI=P \times r \times t\)

Where,

SI stands for simple interest

P is principal

r is rate

t is time period.

Substitute, I=$60, P=$400, r=5% = 0.05

we have,

\(60=400 \times 0.05 \times t\)

Simplify for t , we have,

\(t=\frac{60}{400 \times 0.05}\)

Simplify, we have,

t = 3

Thus, the amount of time is 3 years.

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