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14 December, 17:25

How much time will a $500 investment need to earn $100 in interest at a rate of 10% per year?

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  1. 14 December, 17:44
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    I = prt

    t = I/pr

    r = 10% = 10/100 = 0.1

    t = 100 / (500 x 0.1) = 100/50 = 2

    t = 2 years.
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