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Answer :
Final answer:
The question provided the values I = $37.6, r = 4%, and P = $470 to be substituted into the formula I = Prt. We rearranged the formula to find time, t = I / (Pr), and performed the necessary calculations to determine the answer.
Explanation:
The question has given us the formula I = Prt, where 'I' is the Interest, 'P' is the Principal, 'r' is the rate, and 't' is the time. The question requires us to find 't', the time. Doing so, we will use the values I = $37.6, r = 4%, and P = $470 in the formula.
The formula can be rearranged to t = I / (Pr), substituting the given values into the formula we have: t = $37.6 / ($470 * 4%).
First, remember that the percentage needs to be turned into a decimal value in the calculation which would transform 4% to 0.04, making the calculation: t = 37.6 / (470 * 0.04).
Learn more about Simple Interest Calculation here:
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