You deposit $2000 in an account that earns simple interest at an annual rate of 4%. How long must you leave the money in the account to earn $500 in interest?

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asked Nov 3, 2022 43.9k views

4 votes

You deposit $2000 in an account that earns simple interest at an annual rate of 4%. How long must you leave the money in the account to earn $500 in interest?

Mathematics
high-school

Andorbal asked

by Andorbal

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1 Answer

6 votes

Answer:

6.25YEARS

Explanation:

S.I.=P×R×T÷100

T=S.I.×100÷P×R

T=500×100÷2000×4

T=500÷20×4

T=500÷80

T=6.25 YEARS

Ndbd answered Nov 7, 2022

by Ndbd

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