Question

If a man earns $420 interest in one year at 7%, what was the amount of money invested?


$29.40
$60.00
$600.00
$6,000.00

Answer 1

B?

Answer 2

Interest = principal * rate * time/100
Thus 420 * 100 = principal * 7 * 1 [SHIFT THE 100 AND WE KNOW TIME = 1YEAR]
Thus principal = $6000
Thus the option is D) $6000

Answer 3

thanks i thought it couldnt have been that small of a number

Answer 4

:) Kudos?

Answer 5

Yep, again kudos :-)

Answer 6

Interest=capital*rate
420=capital*0.7
capital=420/0.7=600 C