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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
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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
asked
Feb 17, 2017
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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
Mathematics
middle-school
Himangi
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Himangi
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6
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Answer:
2.5 years
Explanation:
Because I got it right and I forgot to take a picture.
Kevin Kunderman
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Feb 19, 2017
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Kevin Kunderman
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4
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I=PRT
I=interst
P=present amount
R=interest rate
T=time in years
we know that
P=8000
R=2%=0.02
we also know that we want 400 in interst or I=400
we need to knw T
so
400=8000(0.02)(T)
400=160(t)
divide both sides by 160
2.5=T
2.5 years
James Gupta
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Feb 24, 2017
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James Gupta
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