Question

Interest earned: $294 Principal: $600 Interest rate: 7% Time:

Answer 1

Answer: 7 years

Step-by-step explanation:

Given the formula for simple interest as

Principal × Rate × Time

To find Time is therefore 100 × Interest/ Principal x Rate

From the above question,

Principal is given as 600;

Interest is 294 and

Rate is 7%

Slot the values into the formula:

100 × 294/ 600 x 7

= 29400/4200

=7

Therefore, Time (T) is 7 years

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