Question

You want to put $2,000 in a simple interest account. It has a 2.5% annual interest rate. How long will it take you to earn $500 in interest?

Answer 1

Explanation:

fin 2.5% and find how many times to multipy to get 500

2.5% of 2000

percent means parts out of 100

2.5%=2.5/100=0.025

'of' means multiply

2.5% of 2000=

0.025 times 2000=

50

50 in1 year

50 times how many years==500

divide both sides by 50

how many years=10

answer is 10 years

Answer 2

fin 2.5% and find how many times to multipy to get 500
2.5% of 2000
percent means parts out of 100
2.5%=2.5/100=0.025
'of' means multiply
2.5% of 2000=
0.025 times 2000=
50
50 in1 year

50 times how many years==500
divide both sides by 50
how many years=10

answer is 10 years