Question

if you received $47.76 on $199 invested at a rate of 4%. For how long did you invest the principal?

Answer 1

Answer: Time is 6years

Step-by-step explanation:

From the formula of simple interest,

Simple interest = Principal x rate x time

Therefore Time = (100 × Interest)/(Principal × Rate)

Slot in the values into the formula, given interest as $47.76, rate = 4%= 4/100 = 0.04, Principal= $199

Time= 47.76/0.04x $199

Time= 47.76/7.96

Time = 6years

I hope this helps.