Register
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?
174k views
1 vote
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?

User Denis Reznik
by
7.0k points

1 Answer

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

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

User Alkanshel
by
8.6k points
← Prev Question Next Question →

No related questions found

Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Other Questions

What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
i have a field 60m long and 110 wide going to be paved i ordered 660000000cm cubed of cement  how thick must the cement be to cover field
Write words to match the expression. 24- ( 6+3)
Link Copied!