Answer:
It will take 15 years for $500 to yield $900 at an interest rate of 0.12
Step-by-step explanation:
Simple Interest equals Principal times Rate times The time in years,
That is SI = P*R*T
SI is $900
P = $500
R = 0.12
T i.e. Time is unknown
T will be equal to SI divided by P*R
i.e., T = SI/PR
T = $900/$500*0.12 = 900/60
T = 15 years.
Therefore, it will take $500 investment to yield $900 interest in 15 years at an interest rate of 0.12
