Miguel opened a savings account with S200 and was paid simple interest at an annual rate of 6%. When Miguel closed the account,
he was paid $60 in interest How long was the account open for, in years? If necessary, refer to the list of financial formulas. years X
1 answer:
Answer:
5 years
Step-by-step explanation:
if you deposit $200 at a annual rate of 6% to find out how many years first you need to multiply 200 by 6%
200 x 6% = 12
so now we know that we get 12 a year. if you already know that you got $60 for your interest you next will divide
60 / 12 = 5
So that is going to make your answer 5 years
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