Suppose you deposit $2,000 in savings account that pays interest at an annual rate of 4%. If no money is added or withdrawn, determine how many years it will take for the account to contain $2,500.

A) 3 years

B) 4 years

C) 5 years

D) 6 years

Question

Matteo Golden

28 February, 15:11

+1

Answers (1)

Know the Answer?

Itzel Greene · Answer 1

Using I = PRT

$2500 - $2000 = $2000 * 0.04 * t

$500 = 80t

t = $500 : 80

t = 6.25 years

so the answer is 6

Suppose you deposit $2,000 in savings account that pays interest at an annual rate of 4%. If no money is added or withdrawn, determine how many years it will take for the account to contain $2,500.A) 3 yearsB) 4 yearsC) 5 yearsD) 6 years