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27 September, 06:01

You put $2000 in an account with a simple interest rate of 1.5%. How long does it take for the account to earn $60?

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  1. 27 September, 06:45
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    2 years

    Step-by-step explanation:

    Simple interest is calculated using the formula: I = prt, where I = the amount of interest earned, p = principal amount, r = rate and t = time. In this case, you know the principal = $2000, the rate = 1.5% or 0.015 and the I = $60, so you are solving for time 't':

    I = prt or $60 = $2000 (0.015) t

    Simplify: 60 = 30t

    Divide both sides by 30: 60/30 = 30t/30 or t = 2 years.
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