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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?

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?
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5 votes
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 Dzmitry Savinkou
by
8.2k points

1 Answer

2 votes
t=I/Pr
t=500/(4000*0.025)
t=5 yrs
User Jonathan Hamel
by
8.9k points
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