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You put $1000 in a savings account. The account earns 5% simple interest per year. How many years will the money need to remain in the savings account in order to earn $200 in i…

You put $1000 in a savings account. The account earns 5% simple interest per year. How many years will the money need to remain in the savings account in order to earn $200 in i…
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19 votes
You put $1000 in a savings account. The account earns 5% simple interest per year. How many years will the money need to remain in the savings account in order to earn $200 in interest?

asked
User The Grand User
by
8.8k points

2 Answers

4 votes

Answer = 28years


After 28 years you’re principal would be $4,032 and 5% of that would be about 200$
answered
User Asym
by
8.1k points
8 votes

Answer:

Im not sure but i think it is 30.

Explanation:

answered
User Jaclynn
by
8.6k points
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