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17 February, 01:21

If a man earns $420 interest in one year at 7%, what was the amount of money invested?

$29.40

$60.00

$600.00

$6,000.00

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Answers (1)
  1. 17 February, 01:27
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    Let the amount invested be P, then

    0.07P = 420

    P = 420/0.07 = 6000

    Therefore, amount invested = $6,000
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