Question

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

Answer 1

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

$6,000.00

Answer 2

Let the amount invested be P, then
0.07P = 420
P = 420/0.07 = 6000

Therefore, amount invested = $6,000