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Keith_Richards [23]
3 years ago
7

If Lana deposits $500 into a savings account that gains simple interest at

Mathematics
1 answer:
Oksana_A [137]3 years ago
3 0

Answer:

10 years

Step-by-step explanation:

First, converting R percent to r a decimal

r = R/100 = 2%/100 = 0.02 per year,

then, solving our equation

t = 100 / ( 500 × 0.02 ) = 10

t = 10 years

The time required to

accumulate simple interest of $ 100.00

from a principal of $ 500.00

at an interest rate of 2% per year

is 10 years.

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