SOLUTION: 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 earned $630 in enter.

Question 997884: 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 earned $630 in enter. How long did he keep his account open?

Answer by addingup(3677) (Show Source): You can put this solution on YOUR website!
I= Prt Interest= Principal x rate x time. Now let's substitute the letters with the numbers provided in the problem:
630= 7000 x 0.03 x t Multiply
630= 210 x t Divide both sides by 210:
3= t He kept his account open for 3 years.

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