$700 is invested at 4% per annum. How long will it take for the amount to reach $784?

Total number of year is 3 year

Amount invested P = $700

Rate of interest R = 4% per annum

Amount after N year = $784

Number of year

Amount of interest = Amount after N year - Amount invested P

Amount of interest = $784 - $700

Amount of interest = $84

So,

84 = (700)(0.04)(T)

84 = (28)(T)

T = 3

Number of year = 3 year

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3yrs

Step-by-step explanation:

Given parameters:

Capital = $700

Percentage interest  = 4% per annum

Unknown:

Time it will take for amount to be  = $784

Solution:

To find the simple interest on an amount;

        I =

P is the principal

R is the rate

T is the time

I is the interest

    Insert the parameters:

        I  =

        I = 28T

So;

   At the end of the duration:

       Principal + Interest  = Amount

          700+28T = 784

                   28T = 784 - 700

                   28T = 84

                       T = 3yrs

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