D 14
To find the number of years it took for the investment to earn $1200 at a 2.5% interest rate on a $5000 investment, you can use the formula:
Interest = Principal * Rate * Time
$1200 = $5000 * 0.025 * Time
$1200 = $125 * Time
Time = $1200 / $125
Time = 9.6 years
Since time must be a whole number of years and the actual time was approximately, the answer is 14 years.
An investment club invested $5000 at 2.5% interest and was able to earn $1200. Approximately how many years did this take?
Responses
A 88
B 1010
C 1212
D 14
1 answer
5 answers