how long will it take to earn $568.75 in interest if $2500 is invested at a 6.5% annual interest rate
.065 (2500) n = 568.75
n = 3.5 years
3.5 yers
To calculate the time it will take to earn a specific amount of interest, we need to use the formula:
Interest = Principal x Rate x Time
Let's calculate the time it will take to earn $568.75 in interest with an investment of $2500 at a 6.5% annual interest rate.
Rearranging the formula to solve for time:
Time = Interest / (Principal x Rate)
Substituting the given values:
Time = $568.75 / ($2500 x 0.065)
Time = $568.75 / $162.50
Time = 3.5 years
Therefore, it will take approximately 3.5 years to earn $568.75 in interest with an investment of $2500 at a 6.5% annual interest rate.