Question

In how many years will $7000 yield an interest of $4620 at 22% simple interest?

Answer 1

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