zmfernandez0106 zmfernandez0106

31-03-2017
Mathematics

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Sam opens a money-market account that pays 4% simple interest. He started with 7,000 and made no further deposits. He closed the account and he had earned 1,400. How long did he have the account

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rarrininger rarrininger

31-03-2017

I = PRT

1,400 = 7,000 (.04) (T)

1,400 = 280T

1,400/280 = 280T/280
T = 5

Answer: He had the account 5 years

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