Answer:
5 years
Step-by-step explanation:
First, converting R percent to r a decimal
r = R/100 = 4%/100 = 0.04 per year,
then, solving our equation
t = 1200 / ( 6000 × 0.04 ) = 5
t = 5 years
The time required to
accumulate simple interest of $ 1,200.00
from a principal of $ 6,000.00
at an interest rate of 4% per year
is 5 years.
