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Sam opened a money-market account that pays 4% simple interest. He started the account with $7,000 and made no further deposits. When he closed the account, he had earned $1,120…

Sam opened a money-market account that pays 4% simple interest. He started the account with $7,000 and made no further deposits. When he closed the account, he had earned $1,120…
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5 votes
Sam opened a money-market account that pays 4% simple interest. He started the account with $7,000 and made no further deposits. When he closed the account, he had earned $1,120 in interest. How long did he keep his account open?

asked
User Tejas Pandya
by
8.7k points

1 Answer

3 votes
He has had his account open for 4 years.

answered
User Meet Zaveri
by
7.8k points
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