Respuesta :
Explanation
Simple Interest is calculated using the following formula:
[tex]I=\text{PRT}[/tex]where P is the principal ( initial amount)
R is the rate ( in decimal)
T is the time ( in years)
so
Step 1
Let
[tex]\begin{gathered} P=74000 \\ \text{rate}=\text{ 9.5\% =9.5/100= 0.095} \\ T=t\text{ ( unknown)} \\ \text{Interest}=\text{ 2343.33} \end{gathered}[/tex]now, replace
[tex]\begin{gathered} I=\text{PRT} \\ 2343.33=74000\cdot0.095\cdot t \\ 2343.33=7030t \\ \text{divide both sides by 7030} \\ \frac{2343.33}{7030}=\frac{7030t}{7030} \\ 0.3333=t\text{ } \end{gathered}[/tex]so, the time is 0.333 years
Step 2
convert 0.333 years into days
[tex]1\text{ year }\Rightarrow365\text{ days}[/tex]so
[tex]\begin{gathered} 0.333years(\frac{365}{1\text{ year}})=121.66 \\ \text{rounded} \\ 122\text{ days} \end{gathered}[/tex]therefore, the answer is
122 days
