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19-11-2020
Mathematics

contestada

Suppose Huston deposit $600 into a savings account with a simple interest rate of 2.5%. How many years would he have to keep his money in the bank in order to earn at least $120 in interest?

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mhanifa mhanifa

19-11-2020

Answer:

At least 8 years

Step-by-step explanation:

Deposit = $600

Interest rate = 2.5% simple

Time = x years

Target interest amount ≥ $120

600*0.025*x ≥ 120
15x ≥ 120
x ≥ 120/15
x ≥ 8 years

At least 8 years

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