Question

An invested sum of $600000 to generate simple interest $3.9000 at 3 (whole number) 1/4% per annum if you don't know please don't answer​

Answer 1

20 years

Explanation:

We can find the time it took to invest

Using the formula for calculating simple interest as shown

SI = PRT/100

Given

Principal P = $600,000

SI = $39,000

Rate R = 3 1/4%

Required

Time

Substitute

39,000 = 600,000*13/400 * T

39,000 * 400 = 600,000*13 * T

15,600,000 = 7,800,000T

T = 15,600,000/7,800,000

T = 20

Hence it took 20years for the sum invested to generate the interest