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How long does it take an account with a principal of $400 to earn $48 in interest at a simple annual interest rate of 2%?
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2 votes
How long does it take an account with a principal of $400 to earn $48 in interest at a simple annual interest rate of 2%?

User IHS
by
7.3k points

1 Answer

8 votes

Answer:

it'll take 6 years

Explanation:

I =put

48= 400(.02) t

48= 8t

t= 6 years

User Peter Theill
by
8.2k points
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