Answer:
5 years
Step-by-step explanation:
Step one:
Given Information
Principal= $34,000
rate = 4.8%
SImple interest = $8,160
Required
The time T of the investment
Step two:
the expression for simple interest is
[tex]SI= PRT/100[/tex]
substitute
[tex]8160 = 34000*4.8*T/100[/tex]
cross multiply we have
[tex]8160*100= 34000*4.8*T\\\\816000= 163200T\\\\[/tex]
divide both sides by 163200
[tex]816000/163200= T\\\\T= 5 years[/tex]
