James invested $4,000 at 5% interest per year; how long will it take him to earn $200 in simple interest?
4,000 * 0.05x = 200
Solve for x.
is it subtracting 4ooo - 200 and then diving by .05 to solve for X?
T=I/Pr
T=200/ 4000*5%
T= 200/ 4000*.05
T=200/200
T=1 Year
To find out how long it will take James to earn $200 in simple interest, we need to use the formula for simple interest:
Interest = Principal * Interest Rate * Time
In this case, James invested $4,000 at an interest rate of 5% per year, and he wants to earn $200 in interest. We have everything we need except for the time it will take.
Let's rearrange the formula to solve for time:
Time = Interest / (Principal * Interest Rate)
Plugging in the values:
Time = $200 / ($4,000 * 0.05)
Time = $200 / $200
Time = 1 year
Therefore, it will take James 1 year to earn $200 in simple interest.