Question

Solve for the missing item in the following (Do not round intermediate calculations. Round your answer to the nearest cent.) Principal Interest rate Simple interest 66 750.00 6.75% 334 years

Answer 1

Answer:

0.07 years

Step-by-step explanation:

Given,

Principal amount, P = $ 66,750.00

Annual rate interest, r = 6.75%,

Interest, I = 334,

Let t is the time in years,

Then the simple interest would be,

$I=\frac{P\times r\times t}{100}$

By substituting values,

$334=\frac{66750\times 6.75\times t}{100}$

$334=\frac{450562.5t}{100}$

$33400=450562.5t$

$\implies t=\frac{33400}{450562.5}=0.0741295602719\approx 0.07$