3.1 Example of Simple Interest

Example 3.1.1

If the time is 48 days, then

[latex]t = \frac{48}{365}\; years[/latex]

If the time is 16 months, then

[latex]t=\frac{16}{12}\; years[/latex]

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

[latex]t=2 \;years[/latex]

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