3.1 Example of Simple Interest

Example 3.1.1

If the time is 48 days, then

$t = \frac{48}{365}\; years$

If the time is 16 months, then

$t=\frac{16}{12}\; years$

Note: When the time is given in months, you will treat one month as being equal to $\frac{1}{12}$ year.
If the time is 2 years, then:

$t=2 \;years$

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