## Related questions with answers

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

VerifiedStep 1

1 of 3$I=Prt$

$I=500$

$P=2000$

$r=4\%$

Let's note:

$r$=the rate of interest

$P$=the initial amount of money

$t$=the number of years

$I$=the interest.

We have:

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