Rolands mom save money for college. She put $5,000 into a savings account with a 4% interest rate. When she withdrew it had earned $400 in interest how many years was the Money in the Bank

Question

Mathematics

Payton Cooper

21 November, 04:07

Rolands mom save money for college. She put $5,000 into a savings account with a 4% interest rate. When she withdrew it had earned $400 in interest how many years was the Money in the Bank

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Answers (1)

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Yair Rocha · Answer 1

Answer: 2 years

Step-by-step explanation:

First, convert your rate into a decimal

r = R/100 = 4%/100 = 0.04 per year,

then, solving our equation

t = 400 / (5000 * 0.04) = 2

t = 2 years