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You want to put $4,000 in a simple interest account. It has a 2.5% annual interest rate. How long will it take you to earn $500 in interest?

You want to put $4,000 in a simple interest account. It has a 2.5% annual interest rate. How long will it take you to earn $500 in interest?
asked 174k views
1 vote
You want to put $4,000 in a simple interest account. It has a 2.5% annual interest rate. How long will it take you to earn $500 in interest?

asked
User Denis Reznik
by
7.0k points

1 Answer

5 votes
I = PRT
500 = 4000 * 0.025 * t
500 / 4000 * 0.025 = t
5 = t

therefore, it will take 5 years to earn $500 interest

answered
User Alkanshel
by
8.6k points
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