BridieFlynn26
BridieFlynn26 BridieFlynn26
  • 16-03-2021
  • Mathematics
contestada

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

Respuesta :

4kewu8qe4u
4kewu8qe4u 4kewu8qe4u
  • 16-03-2021
84(600 x 0.07)
= 2yrs
Rate: 7/100 = 0.07
Answer Link
410457
410457 410457
  • 16-03-2021

Answer:

2 years

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:

t = ? years

P = $600

A + $600 + $84 = $684

r = 0.07

A substitute in the formula above would be:

$684 = $600(1 + (0.07)t)

solve for t :

t = [(684/600) - 1]/0.07 = 2 years

Answer Link

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