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7 November, 00:13

You want to put $4000 in a simple interest account. it has a 2.5% annual interest rate. how long will it take you to earn $500 in interest?

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  1. 7 November, 03:19
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    T=I/Pr

    t:500 / (4000*0.025)

    t: 5 yrs

    Dear Random17, the question to your answer requires the use of the formula I=Prt. The equation will look like 500=4000 (0.025) t. Multiply 4000 times 0.025 to get 500=10t. T=50 years.
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