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Y_Kistochka [10]
3 years ago
5

Interest earned: $84 Principal: $600 Interest rate: 7% Time: ?

Mathematics
2 answers:
vazorg [7]3 years ago
4 0

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>

tamaranim1 [39]3 years ago
3 0
84(600 x 0.07)
= 2yrs
Rate: 7/100 = 0.07
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