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3 years ago

6

Sam opened a money-market account that pays 3% simple interest. He started the account with $7,000 and made no further deposits.

When he closed the account, he had earned $1,050 in interest. How long did he keep his account open?

2 answers:

jeka943 years ago

5 0

T = (1/0.03) [(8050/7000)-1]
t = 33.33 * 0.15
t= 5 yrs

irina [24]3 years ago

3 0

Answer:

4 years

Step-by-step explanation:

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