An invested sum of $600000 to generate simple interest $3.9000 at 3 (whole number) 1/4% per annum if you don't know please don't answer
1 answer:
<em>Answer: </em>
<em>20 years </em>
<em>Step-by-step explanation: </em>
We can find the time it took to invest
Using the formula for calculating simple interest as shown
SI = PRT/100
Given
Principal P = $600,000
SI = $39,000
Rate R = 3 1/4%
Required
Time
Substitute
39,000 = 600,000*13/400 * T
39,000 * 400 = 600,000*13 * T
15,600,000 = 7,800,000T
T = 15,600,000/7,800,000
T = 20
<em>Hence it took 20years for the sum invested to generate the interest </em>
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