$4 353.75 simple interest was collected when $12900 was invested at 6.75% per annum.Calculate the number of years for which the principal was invested
Question
Calculate the number of years for which the principal was invested
simple interest was collected when was invested at per annum.
Solution
To calculate the number of years, we can use the formula for simple interest which is I = PRT, where I is the interest, P is the principal amount, R is the rate of interest, and T is the time in years.
In this case, we know that: I = 12,900 R = 6.75% = 0.0675 (in decimal form)
We need to find T. So, we rearrange the formula to solve for T:
T = I / (P * R)
Substituting the given values:
T = 12,900 * 0.0675)
Now, calculate the value of T:
T = 870.75
T = 5 years
So, the principal was invested for 5 years.
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