Answer: 2years, 5 months
Step-by-step explanation:
Principal, P = $6000
Rate, R = 3%
Interest, I = $450
Time, T =?
Simple Interest, I = P x T x R/ 100
making T, subject of formula
T = 100 x I/ P x T
Substituting the values into the equation,
T = 100 x 450/ 6000 x 3
T = 45000/ 18000
T = 2.5years = 2years, 5 months
