Response: 144 days.
Step-by-step breakdown:
Utilizing the simple interest formula, I = PRT.
Where I = Interest, P = Principal, R = Rate, T= Time.
From the information provided, I = $118.36, P = $2500, R = 12% = 0.12 T =?
To determine time, insert the known values into the equation I = PRT
118.36 = 2500 × 0.12 × T
118.36 = 300T
Dividing both sides by 300,
T = 118.36 ÷ 300
= 0.395 years.
0.395 years in a year of 365 days converts to
0.395 × 365 = 144.175 days.
Rounding to the next higher day, we find 144 days.
