Answer:
2 years
Step-by-step explanation:
The simple interest formula is equal to - A = P (1 + rt) Where:
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest
t is Number of Time Periods
In this problem we have:
t = ? years
P = $600
A + $600 + $84 = $684
r = 0.07
A substitute in the formula above would be:
$684 = $600(1 + (0.07)t)
solve for t :
t = [(684/600) - 1]/0.07 = 2 years
