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Mike saves $2,000 at a yearly simple interest rate of 2%. He earns $280 in interest. For how many years did he save this money?
To find this, we need to find 2% of 2,000. To do this, we mulitply 2,000 by .02. This gets us 40. Now, we need to divide 280 by 40 to find the amount of years it took for Mike to get this money. When we do that, it gets us 7. That means Mike saved that money for 7 years.
divide 2% by a 100 to get .02. Then multiply 2000 by .02 to get 40. Then you divide 280 by 40 which will give you 7. And there you go. This shows that he saved up for 7 years.
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