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3 years ago

Help plz :( (plz show work) 3. Nancy invested $6000 in a bond at a yearly rate of 3%. She earned $450 in

Mathematics

1 answer:

sergij07 [2.7K]3 years ago

5 0

Answer: 2years, 5 months

Step-by-step explanation:

Principal, P = $6000

Rate, R = 3%

Interest, I = $450

Time, T =?

Simple Interest, I = P x T x R/ 100

making T, subject of formula

T = 100 x I/ P x T

Substituting the values into the equation,

T = 100 x 450/ 6000 x 3

T = 45000/ 18000

T = 2.5years = 2years, 5 months

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