Attached solution with detailed work.
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Answer:
x = 4.5
Step-by-step explanation:
there's definitely other ways to solve this, but I used a proportion.
Then you can make this equation:
14x = 3.5 * 18
I solved for it and got 4.5 .
Just plug in 500 for p, 0.2 for r (because 20% is equivalent to 0.20), and 2 for t:
So, if you start with $500 and charge an interest rate of 20% for 2 years, you will gain $200 to get $700 in total.
So, if you start with $500 and charge an interest rate of 20% for 2 years, you will gain $200 to get $700 in total.