Question

Find the missing value round the answer to the nearest year

Answer 1

Remember that

The formula to calculate the simple interest is given by

$I=P(rt)$

where

P=$15,300

r=6 9/10 %=6+9/10=6+0.9=6.9%=0.069

t=?

I=$5,278.50

substitute given values

$\begin{gathered} 5,278.50=15,300(0.069t) \\ solve\text{ for t} \\ t=\frac{5,278.50}{15,300(0.069)} \\ t=5\text{ years} \end{gathered}$

The answer is 5 years