You want to put $2,500 in a simple interest account. It has a 4% annual interest rate. How long will it take you to earn $200 in

Question

KengaRu [80]

3 years ago

12

You want to put $2,500 in a simple interest account. It has a 4% annual interest rate. How long will it take you to earn $200 in

interest?

Mathematics

1 answer:

Nadya [2.5K] · Answer 1 · 2022-03-17T23:06:01+03:00

Nadya [2.5K]3 years ago

6 0

The formula is
I=prt
I interest earned 200
P principle 2500
R interest rate 0.04
T time ?
We need to solve for t
T=I÷pr
T=200÷(2,500×0.04)
T=2years

Hope it helps