4 yrs
Step-by-step explanation:
Formulae for simple interest is;
A= P (1 + rt) Whereby;
A = Total Accrued Amount (principal + interest)
P = Principal Amount
I = Interest Amount
r = Rate of Interest per year in decimal; r = R/100
R = Rate of Interest per year as a percent; R = r * 100
t = Time Period involved in months or years
15300 = 3200 (1 + 106.5/100 *t)
15300/3200 = 1 + 1.065t
4.78125 – 1 = 1.065t
3.78125 = 1.065t
3.78125/1.065 = t
3.55 = t
Rounded off to the nearest whole number;
= 4
