ANSWER:
t = 3
STEP-BY-STEP EXPLANATION:
Given:
Principle (P) = 2000
Interest (I) = 480
Rate (r) = 8% = 0.08
The simple interest formula is the following:
[tex]I=P\cdot r\cdot t[/tex]We substitute each value and solve for t, like this:
[tex]\begin{gathered} 480=2000\cdot 0.08\cdot \:t \\ \\ t=\frac{480}{2000\cdot0.08}=\frac{480}{160} \\ \\ t=3 \end{gathered}[/tex]Therefore, the time would be 3 periods (it depends on the interest rate if it is annual, monthly, etc.)
