Answer:
10 years
Step-by-step explanation:
First, converting R percent to r a decimal
r = R/100 = 2%/100 = 0.02 per year,
then, solving our equation
t = 100 / ( 500 × 0.02 ) = 10
t = 10 years
The time required to
accumulate simple interest of $ 100.00
from a principal of $ 500.00
at an interest rate of 2% per year
is 10 years.
