$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
Solution 1
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 = $4,353.75 P = $12,900 R = 6.75% = 0.0675 (in decimal form)
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