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Question

You deposit $2000 in an account that earns simple interest at an annual rate of 4%. How long must you leave the money in the account to earn$500 in interest?

Solution

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Step 1
1 of 3

I=PrtI=Prt

I=500I=500

P=2000P=2000

r=4%r=4\%

Let's note:

rr=the rate of interest

PP=the initial amount of money

tt=the number of years

II=the interest.

We have:

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