Miguel opened a savings account with S200 and was paid simple interest at an annual rate of 6%. When Miguel closed the account, he was paid $60 in interest How long was the account open for, in years? If necessary, refer to the list of financial formulas. years X

Question

Mathematics

Freeway

16 January, 01:32

Miguel opened a savings account with S200 and was paid simple interest at an annual rate of 6%. When Miguel closed the account, he was paid $60 in interest How long was the account open for, in years? If necessary, refer to the list of financial formulas. years X

+5

Answers (1)

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Madelyn Frederick · Answer 1

5 years

Step-by-step explanation:

if you deposit $200 at a annual rate of 6% to find out how many years first you need to multiply 200 by 6%

200 x 6% = 12

so now we know that we get 12 a year. if you already know that you got $60 for your interest you next will divide

60 / 12 = 5

So that is going to make your answer 5 years