Question
In how many years would 5,000.00 yield a simple interest of 1,000 at the rate of 5% per annum
Answers
Answered by
GPT 3.5
Using the formula for simple interest:
Simple Interest = Principal x Rate x Time
1,000 = 5,000 x 0.05 x Time
1,000 = 250 x Time
Time = 1,000 / 250
Time = 4
Therefore, it would take 4 years for $5,000 to yield a simple interest of $1,000 at a rate of 5% per annum.
Simple Interest = Principal x Rate x Time
1,000 = 5,000 x 0.05 x Time
1,000 = 250 x Time
Time = 1,000 / 250
Time = 4
Therefore, it would take 4 years for $5,000 to yield a simple interest of $1,000 at a rate of 5% per annum.
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