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:
T = (1/0.03) [(8050/7000)-1]
t = 33.33 * 0.15
t= 5 yrs
Answer:
4 years
Step-by-step explanation:
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