Answer:
Ben must wait more than 4.2 years
Step-by-step explanation:
step 1
we know that
The simple interest formula is equal to
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest
t is Number of Time Periods
in this problem we have
substitute the values
Solve for t
Divide by 1,200 both sides
Subtract 1 both sides
Divide by 0.06 both sides
therefore
Ben must wait more than 4.2 years