Question

You put $2000 in account with a simple rate of 1.5% how long does it take for the account to earn $60

Answer 1

0.5

Explanation:

The formula is I= prt

I= 60

P= 2000

r= 1.5%

60= 2000×1.5/100×t

60= 30t

t= 30/60

= 0.5

Hence the time required is 0.5 years