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You want to put $2,500 in a simple interest account. It has a 4% annual interest rate. How long will it take you to earn $200 in interest?
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You want to put $2,500 in a simple interest account. It has a 4% annual interest rate. How long will it take you to earn $200 in interest?

User Nocebo
by
7.5k points

2 Answers

6 votes

Answer:

2 Years.

Explanation:

I put this and got it right. That's it.

User Zlidime
by
9.3k points
2 votes
The formula is
I=prt
I interest earned 200
P principle 2500
R interest rate 0.04
T time ?
We need to solve for t
T=I÷pr
T=200÷(2,500×0.04)
T=2years

Hope it helps
User Chriselle
by
8.7k points
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