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Sam opened a money-market account that pays 2% simple interest. He started the account with $7,000 and made no further deposits. When he closed the account, he had earned $420 i…

Sam opened a money-market account that pays 2% simple interest. He started the account with $7,000 and made no further deposits. When he closed the account, he had earned $420 i…
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2 votes
Sam opened a money-market account that pays 2% simple interest. He started the account with $7,000 and made no further deposits. When he closed the account, he had earned $420 in interest. How long did he keep his account open?

asked
User Joeri Sebrechts
by
8.4k points

2 Answers

5 votes

Answer:

t = 3 years

Explanation:

answered
User Antygravity
by
8.7k points
0 votes
I = prt
420 = 7000 x .02 x t
420 = 140 x t
420/140 = 140 x t /140
t = 3 years
answered
User Nick Sweeting
by
8.0k points
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