SOLUTION:
Case: Simple Interest
Method:
Simple Interest, I
[tex]\begin{gathered} I=PRT \\ Hence \\ T=\frac{I}{PR} \end{gathered}[/tex]
Where
P= $500
R= 7.5% or 0.075
I= $225
Therefore, Time T
[tex]\begin{gathered} T=\frac{225}{500\times0.075} \\ T=6 \end{gathered}[/tex]
Final answer:
6 years
