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.
Algebra ->
Statistics
-> Central-limit-theorem
-> 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.
Log On
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?
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.
