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Determine the number of years required for $3200 to earn $1075
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
Expert Solution
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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