Question

How long will it take to earn $568.75 in interest if $2500 is invested at a 6.5% annual interest rate?
a.
3 years
c.
35 years
b.
3.5 years
d.
2.5 years
givings medals.!

Answer 1

I=Prt

Where interest=(principle)(return)(time)

So

568.75=2500(.065)(t)

568.75/((2500)(.065))=t

t= 3.5 years

6.5%=0.065 as it is really 6.5/100