Answer:
<u><em>2 years</em></u>
Step-by-step explanation:
The simple interest formula is equal to - A = P (1 + rt) Where:
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest
t is Number of Time Periods
In this problem we have:
<em>t = ? years</em>
<em>P = $600</em>
<em>A + $600 + $84 = $684</em>
<em>r = 0.07</em>
A substitute in the formula above would be:
$684 = $600(1 + (0.07)t)
solve for <em>t </em>:
<em>t</em> = [(684/600) - 1]/0.07 = <u><em>2 years</em></u>
