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You want to put 8,000 in a simple interest account. It has a 2% annual interest rate. How long must you invest that money to earn 400 in interest

You want to put 8,000 in a simple interest account. It has a 2% annual interest rate. How long must you invest that money to earn 400 in interest
asked 52.0k views
5 votes
You want to put 8,000 in a simple interest account. It has a 2% annual interest rate. How long must you invest that money to earn 400 in interest

asked
User Aykut
by
8.4k points

1 Answer

3 votes
I = 400
400=8000*0.02*t
400/(8000*0.02) =t
400/160=t
2.5 = t
2 1/2 years
answered
User Anand
by
8.4k points
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