Question #5257c

1 Answer
EZ as pi
Nov 9, 2016

Time is 6 years.

Explanation:

The formula to calculate Simple interest is:

SI = (PRT)/100

In simple interest, the interest is calculated ONLY on the original amount invested. The interest is $5,400

SI = (20000xx4.5xx color(blue)(T))/100 = 5400

T = (5400 xx100)/(20000xx4.5)

T = 6" "years

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