Answer:
3 years.
Explanation:
For a Principal (P) saved at simple interest, we use the formula below:
[tex]Simple\: Interest=\frac{Principal\times Rate\times Time}{100}[/tex]Substituting the given values: I = $72, P = $600, r = 4%
[tex]72=\frac{600\times4\times T}{100}[/tex]We then solve for T (Time):
[tex]\begin{gathered} 600\times4\times T=72\times100 \\ T=\frac{72\times100}{600\times4} \\ T=3 \end{gathered}[/tex]The amount of time is 3 years.
