The simple interest formula I=prt gives the interest earned on an investment of p dollars at interest rate r for a time of t years. How much does Leroy need to invest at a rate of 7% in order to earn $420 interest in 4 years?

$150

$2,400

$240

$1,500

Question

Carson Greene

21 March, 01:29

+5

Answers (1)

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Jase Odonnell · Answer 1

I divided 420 by 4 to get 105 then divided 105 by 7 percent and recieved $1,500 as my answer

The simple interest formula I=prt gives the interest earned on an investment of p dollars at interest rate r for a time of t years. How much does Leroy need to invest at a rate of 7% in order to earn $420 interest in 4 years?$150$2,400$240$1,500