Arthur invested $1400 into a GIC that paid 4% simple interest per year. If at the end of his term he was given a total of $1624, what was the term of his investment? HINT: I=prt Find t=?

The interest earned was $1624 - $1400 = $224. So, the simple interest rate was $224 / $1400 = 0.16 or 16%. Since the interest rate was 4%, the investment term was 16 / 4 = 4 years. So the answer is 4