Answer:
9 years.
Step-by-step explanation:
First, converting R percent to r a decimal
r = R/100 = 3%/100 = 0.03 per year,
then, solving our equation
t = 267.57 / ( 991 × 0.03 ) = 9
t = 9 years
The time required to
accumulate simple interest of $ 267.57
from a principal of $ 991.00
at an interest rate of 3% per year
is 9 years.
