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Determine the number of years required for $3200 to earn $1075.20 simple interest at a simple interest rate of 8%?

1) 2.69 years

2) 4.4 years

3) 2.86 years

4) 4.2 years

5) 4.03 years

pur-new-sol

Computation of the number of years:-

Simple interest = Principal * Rate * Time

$1,075.20 = $3,200 * 8% * Time

Time = $1,075.20 / ($3,200 * 8%)

= $1,075.20 / $256

= 4.2 years

correct option is 4) 4.2 years

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