Question

You and your friend each deposit $50 in separate savings accounts. Your account earns 2% simple annual interest. Your friend’s account earns 4% simple annual interest. How long does it take for you to earn $20 in interest? How long does it take for your friend to earn $20 in interest?

Plz explain in detail

Answer 1

You: 20 years

Friend: 1 year

Explanation:

The work for you is Underlined

The work for the friend is Italic.

2% times 100=0.02

20=50x0.02t

20=1t

20/1=20

20years

4% times 100=0.04

20=50x0.04t

20=2t

20/2=10

10years

Hope this helps!!

Answer 2

I am will take 20 years to get 20$

My friend will take 10 years to get 20$

Explanation:

`Let \: the \: no. \: of \: years : x \\ \\ for \: me \\ x * (50 * 2\%) = 20 \\ x * 1 = 20 \\ x = 20 years\\ for \: my \: friend \\ x * (50 * 0.04) = 20 \\ 2x = 20 \\ x = 10 \: years`

I hope this is be good for you and I want this money