The amount of time will be "1.5".
Given:
- I = $174
- P = $1450
- r = 8% or, 0.08
As we know the formula,
→ [tex]P = \frac{I}{rt}[/tex]
By substituting the values, we get
→ [tex]1450 = \frac{174}{0.08\times t}[/tex]
By applying cross-multiplication, we get
→ [tex]116t = 174[/tex]
[tex]t = \frac{174}{116}[/tex]
[tex]= 1.5[/tex]
Thus the above approach is correct.
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