The time is 3 years that needed for $600 to accumulate $72 in simple interest at a rate of 4%.
How to calculate simple interest amount?
If the initial amount (also called as principal amount) is P, and the interest rate is R% annually, and it is left for T years for that simple interest,
then the interest amount earned is given by:
[tex]I = \dfrac{P \times R \times T}{100}[/tex]
Simple interest is a method of calculating the interest charge. Simple interest can be calculated as the product of principal amount, rate and time peroid.
To calculate;
4% of 600 is 24.
We have;
72/24=3
3 years, months, weeks, etc.
The time is 3 years that needed for $600 to accumulate $72 in simple interest at a rate of 4%.
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