How Long Will It Take For $150 In Simple Interest At An Annual Interest Rate Of 2.5%?
I am new to Blurtit and would like to have it explained to me simply.
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asked 2 years ago
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Annual rate is 2.5% which is multiplied by $150. The answer you get is $3.75 that you get annually. And it takes around 40 annual interests to make up to the principal amount.
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Your question is ambiguous. If you want to ask that how long it will take for $150 to get doubled with simple annual interest rate of 2.5%. Then here you go:
Interest you will get per year: 2.5/100 x 150 = $3.75
if you withdraw that interest amount every year, then your amount will get doubled in 40 years: $150/3.75 = 40
Interest you will get per year: 2.5/100 x 150 = $3.75
if you withdraw that interest amount every year, then your amount will get doubled in 40 years: $150/3.75 = 40
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On the 365 th day, your $150 will have earned $3.75 interest at 2.5%.
If it were compound interest on a monthly or quarterly basis, it would have grown more.
If it were compound interest on a monthly or quarterly basis, it would have grown more.
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