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OpenStudy (ilovecake):
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 $560 in interest. How long did he keep his account open? 2 years 5 years 4 years 3 years
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OpenStudy (anonymous):
A. 2 Years
OpenStudy (anonymous):
d. 3 years
OpenStudy (anonymous):
@hotdancingbabe14, the correct answer is A because $560 is 8% of 7000. Since you earn 4% each year , it would have to last 2 years
OpenStudy (anonymous):
okay sorry
OpenStudy (anonymous):
lol, just wanted to clarify :)
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OpenStudy (ilovecake):
thx
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