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3 years ago

How long will it take to earn $568.75 in interest if $2500 is invested at a 6.5% annual interest rate

2 answers:

8 0

3.5 years (so 4 years)
2500×0.065 (this gets the amout earned per year) =162.5
568.75÷162.5 (how many years to get the desired amount) =3.5

Goshia [24]3 years ago

7 0

I = Prt
568.75 = 2500(0.065)(t)
568.75 = 162.5(t)
3.5 = t

It will take 3.5 years to earn $568.75 in interest

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see the attached figure to better understand the problem

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