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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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(16322) (Show Source):
You can put this solution on YOUR website! If the 2% interest on the principle is
reinvested each year,
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The $8000 must be invested for 2.5 years
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