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Joe deposits $20,000 for his retirement in an account with a 7% simple interest rate. How long will it take Joe to earn $14,700 in interest?
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Joe deposits $20,000 for his retirement in an account with a 7% simple interest rate. How long will it take Joe to earn $14,700 in interest?

User Dirk Scholten
by
7.4k points

1 Answer

2 votes
10 to 11 years
7% of 20k is 1400 and that goes in to it 10.5 times
that how you solve it

User Mark Lapasa
by
7.8k points
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