Answer:
[tex]t=6\ years[/tex]
Step-by-step explanation:
we know that
The simple interest formula is equal to
[tex]I=P(rt)[/tex]
where
I is the Final Interest Value
P is the Principal amount of money to be invested
r is the rate of interest
t is Number of Time Periods
in this problem we have
[tex]t=?\ years\\ P=\$4,250\\I=\$1,275\\r=5\%=5/100=0.05[/tex]
substitute in the formula above
[tex]1,275=4,250(0.05t)[/tex]
[tex]0.3=(0.05t)[/tex]
[tex]t=0.3/(0.05)[/tex]
[tex]t=6\ years[/tex]
