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jonnytarlen
jonnytarlen jonnytarlen
  • 02-12-2015
  • Mathematics
Answered

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?

Verified Answer :

andrewmj2002 andrewmj2002
  • 02-12-2015

t=I/Pr
t=500/(4000*0.025)
t=5 yrs

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