Mariah22
Answered

Welcome to Westonci.ca, your go-to destination for finding answers to all your questions. Join our expert community today! Join our platform to connect with experts ready to provide accurate answers to your questions in various fields. Join our platform to connect with experts ready to provide precise answers to your questions in different areas.

Sam opened a money-market account that pays 2% simple interest. He started the account with $7,000 and made no further deposits. When he closed the account, he had earned $280 in interest. How long did he keep his account open?
A. 2 years
B. 5 years
C. 3 years
D. 4 years

Sagot :

The formula for simple interest = 

I = PRT
P = initial capital = $7000
R = rate = 0.02 in this case
T = time = our variable we are solving for

Thus substitute the parts into the equation we get
280 = 7000*0.02*T
Solving for T we get A or 2 years

elizabethwise

2 years. He kept his account open for 2 years.

Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. Stay curious and keep coming back to Westonci.ca for answers to all your burning questions.