Answer:
8 years
Step-by-step explanation:
The formula for the computation of simple interest is ...
... I = Prt
where I is the interest amount, P is the principal amount, r is the rate, and t is the number of years.
Fill in the given numbers and solve for t.
... 5704 = 15500×0.046×t
... 5704/713 = t = 8 . . . . . . divide by the coefficient of t
It takes 8 years to earn $5704 on that investment at 4.6% per year.
