Answer:
5 years
Step-by-step explanation:
Step one:
Given Information
Principal= $34,000
rate = 4.8%
SImple interest = $8,160
Required
The time T of the investment
Step two:
the expression for simple interest is
substitute
cross multiply we have
divide both sides by 163200
The quadratic formula is:
and
In this case, a = 2, b = -3, and c = -7
So, we can plug in the numbers to get:
and
Simplifying, we get:
and
You need to use a calculator to find what these would be in decimal form. The answer, rounded to the nearest tenth, is: x = 2.8, x = -1.3