cthompson1559 cthompson1559

04-04-2018
Mathematics

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You want to put $4,000 in a simple interest account. It has a 2.5% annual interest rate. How long will it take you to earn $500 in interest?

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Belfium Belfium

04-04-2018

I = PRT
500 = 4000 * 0.025 * t
500 / 4000 * 0.025 = t
5 = t

therefore, it will take 5 years to earn $500 interest

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