Question

Solve for the missing item in the following (Do not round intermediate calculations. Round your answer to the nearest cent.) Principal Interest rate Simple interest 66 750.00 6.75% 334 years

Answer 1

0.07 years

Explanation:

Given,

Principal amount, P = $ 66,750.00

Annual rate interest, r = 6.75%,

Interest, I = 334,

Let t is the time in years,

Then the simple interest would be,

`I=(P* r* t)/(100)`

By substituting values,

`334=(66750* 6.75* t)/(100)`

`334=(450562.5t)/(100)`

`33400=450562.5t`

`\implies t=(33400)/(450562.5)=0.0741295602719\approx 0.07`