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15-06-2020
Mathematics

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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

Respuesta :

09pqr4sT 09pqr4sT

15-06-2020

Answer:

1.33 years.

Step-by-step explanation:

[tex]I=PRT[/tex]

[tex]120=4500(0.02)T[/tex]

[tex]120/90=T[/tex]

[tex]T=4/3[/tex]

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