SOLUTION: I invest $200 into a savings account that earns 2% simple interest. How long will it take for me to get $50 in interest.
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Question 394379: I invest $200 into a savings account that earns 2% simple interest. How long will it take for me to get $50 in interest.
Found 2 solutions by stanbon, solver91311:
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
I invest $200 into a savings account that earns 2% simple interest.
How long will it take for me to get $50 in interest.
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I = prt
50 = 200*0.02*t
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50 = 4t
t = 12.5 years
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Cheers,
Stan H.
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
Simple interest is nothing more than the interest rate times the original principal each interest paying period. You don't say, so I presume annual. 200 times 2% is 4.00. 4 goes into 50 12.5 times. The thing is, unless they are paying the interest at 6 month intervals (or more frequently) you will never have exactly $50 interest. At the end of the 12th year you will have 48 bucks, and at the end of the 13th year you will have 52.
John
My calculator said it, I believe it, that settles it
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