Question

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 $1,050 in interest. How long did he keep his account open?

Answer 1

(7000+1750) = 7000(1 + 0.05*n)

1.25 = (1 + 0.05*n)

0.25 = 0.05n

n = 0.25/0.05 = 5 years

Answer 2

thx