Answer:
5yrs or 1825 days
Step-by-step explanation:
Given the total amount of the investment after n-days at 9% is $2,320 and the principal amount invested is $1,600
-Let P be the principal amount, A be the total amount of the investment.
-We calculate the number of days using simple interest formula.
#Calculate the total interest earned on the investment:
[tex]I=A-P, \\\\I=2320-1600\\\\=720[/tex]
Simple interest is calculated using the formula:
[tex]I=PRT, T=time, R=interest \ rate , P= Prncipal, I=720\\\\720=1600\times \frac{9}{100}\times T\\\\\frac{720}{144}=T\\\\T=5\ years=5\times 365\ days= 1825\ days[/tex]
Hence, it takes 1,825 days to achieve your investment goals
