## You deposit $5000 in an account that earns 5% simple interest. How long will it take to earn $800 in interest?

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## Answers ( )

Answer:3.2 years

Step-by-step explanation:You are going to want to use the simple interest formula for this:

I = interest amountP = principal amountr = interest rate (decimal)First, change 5% into a decimal:5% -> -> 0.05

Now, lets plug the values into the equation:It will take 3.2 years to earn $800 in interest.