mr.williams invested $4000 in a bond with a yearly interest rate of 4%. his total interest on a investment was $800. what was the length of the investment?
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We have to Find the length of the Investment which means how long Investment deposited or time taken to be matured.
- Principal = $4000
- Rate (r) = 4%
- Interest = $800
As We know that:
➙ SI = (P × R × T)/100
➙ 800 = (4000 × 4 × T)/100
➙ 800 = 40 × 4 × T
➙ 800/40×4 = T
➙ T = 5 years
Hence,
The Time taken by Investment to be matured is 5 years.
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