Question

medal + fan . Sam opened a money-market account that pays 3% simple interest. He started the account with $7,000 and made no further deposits. When he closed the account, he had earned $630 in interest. How long did he keep his account open?

6 years
4 years
5 years
3 years

Answer 1

@morganchavez

Answer 2

@Jesstho.-.

Answer 3

@Mario_Bland

Answer 4

@TTP

Answer 5

@baking4lyf

Answer 6

@OfMiceAndTaylor~

Answer 7

@dyamondsr4ever

Answer 8

@Teddyiswatshecallsme

Answer 9

Ok, to find the answer, you have to know how to find the percent of something. For example, 3% of 7000 is 210 (7000 times 0.03). So, in the first year, he gained 210, so he had 7210. Then, in the second year, he got 3% of that, for 216.3, so now he has 7426.3 in his second year, with a gain of 426.3. Then, in his 3rd year, he gained 3% of that, for 222.79 gain, for a total of 7649.09, with the rough 630 gain, so he had it open for 3 years.

Answer 10

thnxs @dragonmaster917