The number of years it will take for the money to be $2900 is 40.91 years
How to find the years the money will accrue to 2900 dollars?
Using simple interest formula,
I = prt / 100
we are looking for t
where
- p = principal
- r = rate
- t = time
- I = simple interest
Therefore,
I = 2900 - 1100 = 1800
1800 = 1100 × 4 × t / 100
cross multiply
180000 = 4400t
t = 180000 / 4400
t = 40.9090909091
t = 40.91 years
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