radomes.openskiesproject.org
maker101 maker101
  • 23-05-2016
  • Mathematics
Answered

you want to put $8,000 in a simple interest account it has a 2% annual interest rate how long must you invest that money to earn $400 in interest

Verified Answer :

apologiabiology
apologiabiology apologiabiology
  • 23-05-2016

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

we know that
P=8000
R=2%=0.02

we also know that we want 400 in interst or I=400
we need to knw T

so
400=8000(0.02)(T)
400=160(t)
divide both sides by 160
2.5=T
2.5 years

Answer Link
Sonsationali
Sonsationali Sonsationali
  • 21-08-2020

Answer:

2.5 years

Step-by-step explanation:

Because I got it right and I forgot to take a picture.

Answer Link

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