Answer
When time is given in months, it can be converted to a fraction of a year by dividing by 12.
Work Step by Step
When time is given in months, it can be converted to a fraction of a year by dividing by 12.
For example, consider this problem:
Problem: Find the interest accumulated on a $\$1000$ investment at a rate of 10% per year after 6 months.
Answer:
$I=Prt$
$I=1000*0.10*\frac{6}{12}$
$I=100*6/12$
$I=600/12$
$I=\$50$
