# SOLUTION: You have \$8000 you would like to deposit into an interest paying account. You find a simple interest account that pays 2% annually. How long must you invest that money in order to

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 Click here to see ALL problems on Money Word Problems Question 270853: You have \$8000 you would like to deposit into an interest paying account. You find a simple interest account that pays 2% annually. How long must you invest that money in order to earn \$400 in interest?Found 2 solutions by rfer, josmiceli:Answer by rfer(12652)   (Show Source): You can put this solution on YOUR website!i=Prt t=i/Pr t=400/8000*.02 t=400/160 t=2.5 yrs Answer by josmiceli(9661)   (Show Source): You can put this solution on YOUR website!If the 2% interest on the principle is reinvested each year, ----------------------- The \$8000 must be invested for 2.5 years