SOLUTION: You invest $200 into a savings account that earns 2% simple interest. How long will it take to earn $50 in interest? What is the formula that is needed?

Question 342421: You invest $200 into a savings account that earns 2% simple interest. How long will it take to earn $50 in interest? What is the formula that is needed?
Answer by kcanil08(11) (Show Source): You can put this solution on YOUR website!
Principal amount (P)= $200
Rate (R) = 2% per annum
Time (T) = ?
Simple Interest (I) = $50

= 12.5 years
(PS: I have assumed the interest given is simple interest. Reply me if the interest given is the compound interest. My email is akc2@uno.edu)
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