Answer: 5 years
Step-by-step explanation:
Hi, to answer this question we have to apply the simple interest formula:
I = p x r x t
Where:
I = interest
P = Principal Amount
r = Interest Rate (decimal form)
t = years
Replacing with the values given
1400 = 7000x (4/100) x t
Solving for t:
1400 =7000 x 0.04 x t
1400 =280 t
1400/280 =t
t = 5 years
Feel free to ask for more if needed or if you did not understand something.
