SOLUTION: If I deposited $1000 at a 5% interest rate annually and wanted to know how long it would take to earn $100 dollars of interest and at what amount it was earned, what would the equa

SOLUTION: If I deposited $1000 at a 5% interest rate annually and wanted to know how long it would take to earn $100 dollars of interest and at what amount it was earned, what would the equa

Algebra.Com

Question 140610: If I deposited $1000 at a 5% interest rate annually and wanted to know how long it would take to earn $100 dollars of interest and at what amount it was earned, what would the equation be to figure out this problem?
Answer by edjones(8007) (Show Source): You can put this solution on YOUR website!
Let y be the number of years it take to get $100 interest.
1000*.05y=100
50y=100
y=100/50=2 years.
.
Ed
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