Posted by **Lexi** on Thursday, October 31, 2013 at 7:39pm.

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 $560 in interest. How long did he keep his account open?

- math -
**Steve**, Thursday, October 31, 2013 at 7:46pm
7000*n*.02 = 560

n = 4 years

check:

2% interest per year is $140 x 4 = $560

- math -
**Shelby**, Thursday, March 27, 2014 at 7:57am
Question 3

Terry invests $3,000, at 10% interest, compounded semiannually for 12 years. Use the compound interest formula to calculate the compound amount for his investment.

a.

$9,675.30

b.

$6,760.00

c.

$6,663.28

d.

$9,860.00

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