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A sum of money invested at 5% per annum simple interest amou...

A sum of money invested at 5% per annum simple interest amounts to $285.20 after 3 years. How long will it take the same sum to amount to $434.00 at 712% per annum simple interest?

A.

712 years

B.

10 years

C.

5 years

D.

12 years

E.

14 years

Correct answer is B

A=P(1+R100)T

285.20=P(1+5100)3

285.20=P(1.05)31.16P=285.20

P=285.201.16=$245.86

Given Amount = $434.00

Interest = Amount - Principal

Interest = $434.00 - $245.86 = $188.14

T=100IPR

T=100×188.14245.86×7.5

T=188141843.95=10.2

Approximately 10 years.