cesar19 cesar19

23-05-2016
Mathematics

Answered

You want to put $2,500 in a simple interest account. It has a 4% annual interest rate. How long will it take you to earn $200 in interest?

Verified Answer :

apologiabiology apologiabiology

23-05-2016

I=PRT
I=interst
P=present amount
R=interest rate
T=time in years

we know that
P=2500
R=4%=0.04

we also know that we want 200 in interst or I=200
we need to knw T

so
200=2500(0.04)(T)
200=100(t)
divide both sides by 100
2=T
2 years

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