Question

1) $400 interest is earned on a principal of $2,000 at a simple interest rate of 5%

Answer 1

Answer:

4 years

Step-by-step explanation:

I = $ 400

R = 5%

P =$ 2000

I = Prt

400 = 2000 * $\frac{5}{100}$ * t

400 = 20 * 5 * t

400 = 100 t

$\frac{400}{100}=t$

t = 4 years