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how do i evaluate a formula?

How do I evaluate the formula I=Prt if P=$5000, r=5.5% and t=2 years?

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Jim L. | Dr. Jim - Harvard graduate tutor - perfect SAT score!Dr. Jim - Harvard graduate tutor - perfe...
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Hi Lorna, This equation shows interest is equal to principal X rate X time. Therefore, Interest = $5,000 X 5.5%/year X 2 years = $550. This assumes simple interest with no compounding. Jim