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Given:
Principal (P)= $1,000
Rate of interest (R)= 4% = 0.04
Simple interest (I)= $100
To find:
The time for which she deposits $1000 into a savings account at 4% simple interest.
Solution:
The formula for simple interest is
On substituting P=1000, R=0.04 and I=100 in the above formula, we get
Divide both sides by 40.
Therefore, the required time is 2.5 years.