Gordon Rosel went to his bank to find out how long it will take for $2,200...

Question

Question

Answer 1

Answer #1

Future Value = Principal + Simple interest

$ 3150 = $ 2200 + Simple Interest

Simple Interest= $ 3150 - 2200

= $ 950

Simple Interest = Principal * Rate of Interest * Time

950 = $ 2200 * 12% * Time

950= 264 * time

Time = 950 / 264

= 3.59848485 years

= 3.60 years

Hence the correct answer is 3.6 years

Answer 2

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