Answer:
The right solution is "36 years".
Step-by-step explanation:
Given:
Principle,
P = $2,340,260
Amount,
A = $3,393,377
Simple interest,
SI = 3,393,377 - 2,340,260
= $1,053,117
Rate of interest,
r = 1.25%
As we know,
⇒ [tex]SI=\frac{Prt}{100}[/tex]
By substituting the values, we get
⇒ [tex]1053117=\frac{2340260\times 1.25\times t}{100}[/tex]
⇒ [tex]10531170=292532.5\times t[/tex]
⇒ [tex]t=\frac{10531170}{292532.5}[/tex]
⇒ [tex]=36 \ years[/tex]
