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Intrest rate!!!!!!!!!!!

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Find the interest earned in years Interest earned is $84 Principal is $600 Interest rate is 0.07 and time in years is ?

Apr 6th, 2015

    Principal     P   =  $600

  Interest rate  R  =  0.07  =  7%

        In terest    I  =   $84

Time(Duration)  N  =  ?  =  x

According to Simple Interest

 Therefore  Interest    I  =  PNR/100

                                   84  =  (600  X  x  X  7)/100

              600  X  x  X  7    =  84  X  100

                    3,200x         =  8,400

                  Therefore x  =  8,400/3,200

                                        =  2.63 years

Answer   ;   Time in years   =  2.63 years                         

Apr 6th, 2015

Thanks for besting my answer.


Apr 6th, 2015

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