Answer:
t = 2.5 years
Step-by-step explanation:
Given that,
Principal = $5000
Interest = $250
Rate of interest = 2%
We need to find the time. We know that,
[tex]I=\dfrac{PRT}{100}[/tex]
Put all values to find T.
[tex]T=\dfrac{100I}{PR}\\\\T=\dfrac{100\times 250}{5000\times 2}\\\\T=2.5\ yrs[/tex]
So, it will take 2.5 years.
