You put $474 into a savings account with an interest rate of 4% which earns $56.88 over a period of time. How long was the period of time?
See the process steps below;
You can get the period of time which he acquired that given intrested with;
Dividing both sides by
Now, substituting the parameters..
Hope this helps!
Interest Earned for
So to calculate Period of Time(i.e. No. of Years) we have to divide
So we get