This problem can be solved by using the formula I = PRT where, I is the interest, P is the principal amount, R is the rate, and T is the time.
The given in the problem are
P = 800
I = 240
R = 6.5% or 0.065
What is asked in the problem is the time T
We will now solve the problem by substituting the given to the formula
I = PRT
240 = 800(0.065)(T)
240 = 52T
240/52 = 52T/52
4.62 = T
T = 4.62 years
Therefore, it will take 4.62 years for 800 pesos to earn 240 pesos at 6.5% interest rate
