You put $1000 in a savings account. The account earns 5% simple interest per year. How many years will the money need to remain in the savings account in order to earn $200 in interest?

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asked Nov 3, 2022 183k views

19 votes

You put $1000 in a savings account. The account earns 5% simple interest per year. How many years will the money need to remain in the savings account in order to earn $200 in interest?

Mathematics
high-school

The Grand User asked

by The Grand User

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4 votes

Answer = 28years

After 28 years you’re principal would be $4,032 and 5% of that would be about 200$

Asym answered Nov 6, 2022

by Asym

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8 votes

Answer:

Im not sure but i think it is 30.

Explanation:

Jaclynn answered Nov 9, 2022

by Jaclynn

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