Question

How many years will Matt need to invest $4200 to earn $200 interest, if the simple interest rate is 2.5% p.a.? Round the answer to the nearest year

Answer 1

Answer: 2 years

Explanation:

SI = prt / 100

200 = ( 4200 x 2.5 x t) / 100

200 = 105 t

t = 200/105 = 1.9