cthompson1559 cthompson1559
  • 04-04-2018
  • Mathematics
contestada

You want to put $4,000 in a simple interest account. It has a 2.5% annual interest rate. How long will it take you to earn $500 in interest?

Respuesta :

Belfium
Belfium Belfium
  • 04-04-2018
I = PRT
500 = 4000 * 0.025 * t
500 / 4000 * 0.025 = t
5 = t

therefore, it will take 5 years to earn $500 interest

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