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3 years ago

9

Carin opened a money market account with a deposit of $3,000. This account earns 2% simple interest annually. How many years wil

l it take for her $3,000 deposit to earn $420 in interest, assuming she does not withdraw any of the money?

1 answer:

Tom [10]3 years ago

6 0

Answer: 7 years

2% = 0.02

3000·0.02=60.00

1 year simple interest = $60.00

420/60=7

7 years

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