In how many years will $7000 yield an interest of $4620 at 22% simple interest?
1 answer:
Answer:
3 Years
Step-by-step explanation:
7000*22% = 1540
4620/1540 = 3
1540 = the yearly interest
so it will take 3 years of $1540 of interest to get $4620.
Normally you would also have to take into account the interest plus the base varible but since it specifically says 7000 it makes it a simple problem.
hope this helped
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