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You want to put $2,500 in a simple interest account. It has a 4% annual interest rate. How long must you invest that money to earn $500 in iterest?

You want to put $2,500 in a simple interest account. It has a 4% annual interest rate. How long must you invest that money to earn $500 in iterest?
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10 votes
You want to put $2,500 in a simple interest account. It has a 4% annual interest rate. How long must you invest that money to earn $500 in iterest?

asked
User Jozef
by
8.4k points

1 Answer

4 votes

Answer:

5 years

Explanation:

2500 x 0.04 = 100

500/100 = 5

answered
User Rkt
by
8.0k points
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