Answer:
It will take 3 years
Step-by-step explanation:
You deposit $12,00 at the interest rate 3%.
Formula of simple interest = I = (p×r×t)
Where p = principal amount (1200)
r = rate of interest 3% (3/100)
t = time in years
Now we plug in the values in the formula
108 = [tex]\frac{1200\times 3\times t}{100}[/tex]
t = [tex]\frac{108}{36}[/tex]
t = 3 years
