Answer:
3.5 years (3 years 6 months)
Step-by-step explanation:
You are going to use the simple interest formula for this:
[tex]t=\frac{I}{Pr}[/tex]
P = initial balance
r = annual interest rate
I = interest
First, change 4% into a decimal:
4% -> [tex]\frac{4}{100}[/tex] -> 0.04
Now, plug in the values into the equation:
[tex]t=\frac{1,120}{(8,000)(0.04)}[/tex]
[tex]t=3.5[/tex]
The money was invested for 3.5 years (3 years 6 months).
