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Suppose you deposit $2,000 in savings account that pays interest at an annual rate of 4%. If no money is added or withdrawn, determine how many years it will take for the account to contain $2,500. A)
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Apr 18, 2019
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Suppose you deposit $2,000 in savings account that pays interest at an annual rate of 4%. If no money is added or withdrawn, determine how many years it will take for the account to contain $2,500.
A) 3 years
B) 4 years
C) 5 years
D) 6 years
Mathematics
middle-school
Cristhian
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using I = PRT
$2500 - $2000 = $2000 × 0.04 × t
$500 = 80t
t = $500 ÷ 80
t = 6.25 years
so the answer is 6
Pavel Shishmarev
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Apr 23, 2019
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Pavel Shishmarev
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