The simple interest formula is given by I = PRT, where I =interest earned, P=principal deposited to the account, R=interest rate in decimal form, and T=time in years that the principal remains in the account.
Solve for T
Use the new version of the formula to find T, the rate of simple interest, given that a deposit of $12,500 earned $4,800 on simple interest when the interest rate was 6.6 %. Write T in years rounded to the nearest tenth. Please show all work.