Question

14. Find the number of years required for $745 to earn $59.60 simple interest at 8% p.a.

Answer 1

Step-by-step explanation:

Simple interest = $59.60

principal = $745

Rate = 8%

Let time be t

$59.60 = $745×8×t/100

$5960/100 = 5960t/100

5960 = 5960t

5960/5960 = t

1 year = t