Answer: 4 years
Step-by-step explanation:
Principal (P) = $15500
Interest (I) = $5425
Rate (R) = 8.75%
Time (T) =?
To find the time, T
I = ( P x T x R) / 100
making T the subject of formula
T = (100 x I) / P x R
Inputting the given values
T = ( 100 x 5425) / 15500 x 8.75
T = 542500 / 135625
T = 4years
