colewilkerson51
colewilkerson51 colewilkerson51
  • 24-04-2020
  • Mathematics
contestada

You deposit $5000 in an account that earns 5% simple interest. How long will it take to earn $800 in interest?

Respuesta :

qop
qop qop
  • 27-04-2020

Answer:

3.2 years

Step-by-step explanation:

You are going to want to use the simple interest formula for this:

[tex]t=\frac{I}{Pr}[/tex]

I = interest amount

P = principal amount

r = interest rate (decimal)

First, change 5% into a decimal:

5% -> [tex]\frac{5}{100}[/tex] -> 0.05

Now, lets plug the values into the equation:

[tex]t=\frac{800}{(5,000)(0.05)}[/tex]

[tex]t=3.2[/tex]

It will take 3.2 years to earn $800 in interest.

Answer Link

Otras preguntas

In a recent survey of 500 people, 345 said they preferred Little Ceasers to Dominoes. What Percent liked Little Caesars.
What does an isosceles triangle look like and what is it?
What is 9/10 - 1/4 in simpliest form..
-18-6k=6(1+3k)...what is the value of k
triangular region at the mouth of a river: it is rich in minerals which help to enrich the soil for farming
-18-6k=6(1+3k)...what is the value of k
Round 111.11111 to the nearest ten thousandth.
what was one important factor that contributed to the American victory at yorktown
What is a value or values that make an equation true
Which of the original thirteen colonies is being described below? Free land was offered to immigrants that would come to the area, be patient, and wait for citi