Question

you want to put $4000 in a simple interest account. it has a 2.5% annual interest rate. how long will it take you to earn $500 in interest?

Answer 1

t=I/Pr
t:500/(4000*0.025)
t: 5 yrs
Dear Random17, the question to your answer requires the use of the formula I=Prt. The equation will look like 500=4000(0.025)t. Multiply 4000 times 0.025 to get 500=10t. T=50 years.