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Sagot :
At an interest rate of 0.2% per year, $15500 will be reached from $15000 in 16.67 years.
What is percent?
In essence, percentages are fractions with a 100 as the denominator. We place the percent symbol (%) next to the number to indicate that the number is a percentage. For instance, you would have received a 75% grade if you answered 75 out of 100 questions correctly on a test (75/100). A value or ratio that may be stated as a fraction of 100 is referred to as a percentage in mathematics. If we need to calculate a percentage of a number, we should divide it by its entirety and then multiply it by 100.
Here,
Principal=15000
Rate of interest=0.2%
Interest amount per year=15000*0.2%
=$30
Let n be the number of years,
15500=15000+30n
500=30n
n=50/3
n=16.67 years
It will take 16.67 years to reach the amount of $15500 from $15000 at the interest rate of 0.2% per year.
To know more about percent,
https://brainly.com/question/14661262
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