Problema Solution
for a given interest rate, simple interest varies jointly as the principal and time. if $3ooo left in an account for 5 years earned interest of $1200, then how much interest would be earned in 7 years?
Answer provided by our tutors
let x = the interest earned after 7 years
1200/(3000*5) = x/(3000*7)
by solving we find
x = $1,680
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after 7 years there will be $1,680 interest earned.