Question

If $4500 earns $120 simple interest at a flat rate of 2% p.a., calculate the duration of the investment.

Please help me with understanding the steps to getting the answer as well as the solution. Thx

Answer 1

1.33 years.

Explanation:

`I=PRT`

`120=4500(0.02)T`

`120/90=T`

`T=4/3`