Answered

Welcome to Westonci.ca, where finding answers to your questions is made simple by our community of experts. Get immediate and reliable answers to your questions from a community of experienced experts on our platform. Get precise and detailed answers to your questions from a knowledgeable community of experts on our Q&A platform.

In how many years will $7000 yield an interest of $4620 at 22% simple interest?

Sagot :

Answer:

3 Years

Step-by-step explanation:

7000*22% = 1540

4620/1540 = 3

1540 = the yearly interest

so it will take 3 years of $1540 of interest to get $4620.

Normally you would also have to take into account the interest plus the base varible but since it specifically says 7000 it makes it a simple problem.

hope this helped

Thanks for using our service. We aim to provide the most accurate answers for all your queries. Visit us again for more insights. We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Get the answers you need at Westonci.ca. Stay informed by returning for our latest expert advice.