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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 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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