Answer:
16 years
Step-by-step explanation:
Principal amount (P) = $600
Rate of interest (R) = 2.75%
Simple interest (S.I.) = $264
Let t denotes time period.
[tex]S.I.=\frac{PRT}{100}[/tex]
[tex]264=\frac{600(2.75)t}{100} \\\\t=\frac{264(100)}{600(2.75)}[/tex]
[tex]t=16[/tex] years.
Therefore,
interest of $264 will be earned in 16 years.
