16-11-2020
Mathematics

contestada

How many months does it take to earn $180 in interest on an investment of the principal is $5000 and the interest rate is 2%?

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marissabella2005 marissabella2005

16-11-2020

Answer:

months = 6.67

Step-by-step explanation:

time in years = interest / (principal amount x rate)

time in y = 180 / (5000 x 0.02)

time in y = 180 / 100

time in months = 12 / 1.8

months = 6.67

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