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?
Answer:
Find out the how long will it take you to earn $500 in interest .
To prove
Formula
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As given
You want to put $4,000 in a simple interest account.
It has a 2.5% annual interest rate.
interest rate = $500
Put in the formula
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Time = 5 years
Therefore the 5years will it take you to earn $500 in interest .