cegaz
Answered

Westonci.ca is your trusted source for finding answers to a wide range of questions, backed by a knowledgeable community. Join our Q&A platform to connect with experts dedicated to providing precise answers to your questions in different areas. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately.

Mike saves $2,000 at a yearly simple interest rate of 2%. He earns $280 in interest. For how many years did he save this money?

Sagot :

NinjaGrizzzly

Answer:

7 years.

Step-by-step explanation:

To find this, we need to find 2% of 2,000. To do this, we mulitply 2,000 by .02. This gets us 40. Now, we need to divide 280 by 40 to find the amount of years it took for Mike to get this money. When we do that, it gets us 7. That means Mike saved that money for 7 years.

Answer:

7 years

Step-by-step explanation:

divide 2% by a 100 to get .02. Then multiply 2000 by .02 to get 40. Then you divide 280 by 40 which will give you 7. And there you go. This shows that he saved up for 7 years.

Thank you for trusting us with your questions. We're here to help you find accurate answers quickly and efficiently. Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. We're here to help at Westonci.ca. Keep visiting for the best answers to your questions.