Problem
Enter the missing piece of information, assuming the interest calculated is simple interest and the time period is given in years. Give your answer in years, accurate to at least two decimal places. \begin{tabular}{|cccc|} \hline Principal or Present value & Annual Interest Rate & Time (years) & Interest Amount \\ \hline$\$ 1,400.00$ & $11.40 \%$ & 0.00 & $\$ 39.90$ \\ \hline \end{tabular}
Solution
Step 1 ：The formula for simple interest is \(I = PRT\), where \(I\) is the interest, \(P\) is the principal amount, \(R\) is the rate of interest, and \(T\) is the time.
Step 2 ：We know the interest (\$39.90), the principal (\$1400.00), and the rate (11.40%), and we need to find the time.
Step 3 ：We can rearrange the formula to solve for \(T\): \(T = I / (PR)\).
Step 4 ：Substitute the given values into this formula to find the time: \(T = 39.9 / (1400 \times 0.114)\).
Step 5 ：Calculate the above expression to get the time.
Step 6 ：Final Answer: The time period in years is \(\boxed{0.25}\).
