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katrin2010 [14]
3 years ago
8

Solve for the missing item in the following (Do not round intermediate calculations. Round your answer to the nearest cent.) Pri

ncipal Interest rate Simple interest 66 750.00 6.75% 334 years
Mathematics
1 answer:
LiRa [457]3 years ago
3 0

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

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