Use the Formula $i = P r t$ To Reach a Solution for the Following Problem

question 190

Multiple Choice

Use the formula $i = P r t$ to reach a solution for the following problem. How long (in years) will $7,560 need to be invested at a 7% annual interest rate to earn $2,646.00?

• A) t = 4
• B) t = 5
• C) t = 7
• D) t = 10
• E) none of these

---

Definitions:

Price Discrimination

A practice whereby a seller charges different consumers different prices for the same product or service.

Patents

Legal rights granted to inventors, giving them exclusive rights to make, use, or sell their inventions for a certain period.

Diseconomies of Scale

A situation in which a firm's production costs increase as it produces more, leading to less efficiency.

Essential Resource

A resource deemed vital for the survival of an organism, community, or operation, whose absence can lead to severe negative impacts.