SOLUTION: How many days will it take for a sum of $1000 to earn $20 interest if it deposited in a bank paying simple interest at the rate of 2.5%/year? (Use a 365 day year)

Algebra ->  Coordinate Systems and Linear Equations  -> Linear Equations and Systems Word Problems -> SOLUTION: How many days will it take for a sum of $1000 to earn $20 interest if it deposited in a bank paying simple interest at the rate of 2.5%/year? (Use a 365 day year)      Log On


   

Question 1068114: How many days will it take for a sum of $1000 to earn $20 interest if it deposited in a bank paying simple interest at the rate of 2.5%/year? (Use a 365 day year)
Answer by Boreal(15235) About Me  (Show Source):
You can put this solution on YOUR website!
I=prt
20=1000*0.025*t
20=25t
t=20/25 years and multiply by 365 days/year
292 days