If you placed $2,000 into an investment account earning 3% simple interest, how many months does it take for you to have $2,025 in your account?
where, | |||
P = principal | |||
N = Number of years | |||
R = Rate | |||
Interest earned = $2025-2000 | |||
=$25 | |||
Let us calculate N | |||
$25 =$2000*N*0.03 | |||
25 =60*N | |||
N = 25/60 | |||
N = 0.416667 | |||
Number of months = 0.41667*12 | |||
=5 months |
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