Use the simple interest formula. Jamison invested $2,500 at annual rate of 5%. How long will it cake him to earn $1,125.00 in interest?

Question

asked Nov 14, 2024 12.1k views

1 Answer

Patrick Koorevaar · Answer 1 · 2024-11-19T12:08:46+0000

Answer:

Explanation:

Total investment = $2,500

Interest rate = 5%

So interest for one year = $125

Therefore it will take 9 years to earn $1,125 as interest on an investment of $2,500. (This is on the basis of simple interest formula)