alleryStart learning →The simple interest formula is I = Prt. When money is invested for exactly one year, what does the formula become?
AI = Pt
BI = rt
CI = Pr
DI = P + r
Answer & Solution
Correct answer: C. I = Pr
1. In I = Prt, the letter t stands for the time in years.
2. For one year, t = 1, and multiplying by 1 changes nothing.
3. The formula becomes I = Pr, the principal times the rate.
_Source: OpenStax Elementary Algebra (CC BY 4.0), Ch 3 "Math Models", section 3.2 Solve Percent Applications_
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