The number of years she had her investment is after 3 years
<h3>How to determine the years of investment?</h3>
From the question, the given parameters are:
- Principal Amount, P = $400
- Interest Rate, r = 1.72%
- Simple Interest, I = $20.64
The number of years (T) is calculated from the following simple interest formula
I = PRT
Substitute the given parameters in the above equation
20.64 = 400 * 1.72% * t
Express 1.72% as decimal without percentage
20.64 = 400 * 0.0172 * t
Evaluate the product
20.64 = 6.88 * t
Divide both sides by 6.88
20.64/6.88 = 6.88/6.88 * t
Evaluate the quotient
3 = t
Rewrite the equation as
t = 3
This means that she had her investment after 3 years
Hence, the number of years she had her investment is after 3 years
Read more about simple interest at:
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