Answer: 3 years
Step-by-step explanation:
The following can be gotten from the question:
Principal = $1600
Rate = 5%
Simple interest = $240
Time = Unknown
Interest = Principal × Rate × Time /100
240 = (1600 × 5 × Time)/100
240 = (8000 × Time)/100
240 × 100 = 8000 × Time
24000 = 8000 × Time
Time = 24000/8000
Time = 3 years
