Answer:
3.2 years
Step-by-step explanation:
You are going to want to use the simple interest formula for this:
[tex]t=\frac{I}{Pr}[/tex]
I = interest amount
P = principal amount
r = interest rate (decimal)
First, change 5% into a decimal:
5% -> [tex]\frac{5}{100}[/tex] -> 0.05
Now, lets plug the values into the equation:
[tex]t=\frac{800}{(5,000)(0.05)}[/tex]
[tex]t=3.2[/tex]
It will take 3.2 years to earn $800 in interest.
