Please explain properly and step by step
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Answer:
The answer to this problem is 2 years.
Step-by-step explanation:
Simple Interest is a fixed percentage of the principal multiplied by the life of loan.
The formula for the future amount of money earned after n years is show below
F = P(1+in)
Using this formula we can now solve for the number of years
512 = 400(1+0.14n) 512 400 - 1 = 0.14n
0.28
n = 0.14
n = = 2years
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