$400 interest is earned on a principal of $2,000 at a simple interest rate of 5% interest per year. For how many years was the p
rincipal invested?
1 answer:
Answer:
4 years
Step-by-step explanation:
Given data
Simple interest= $400
Principal= $2000
Rate= 5%
The simple interest formula is given as
SI=PRT/100
substitute and solve for T
400=2000*5*T/100
cross multiply
400*100= 10000*T
40000=10000T
T= 40000/10000
T= 4 years
Hence the time taken is 4 years
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