Answer :
The formula for simple interest =
I = PRT
P = initial capital = $7000
R = rate = 0.02 in this case
T = time = our variable we are solving for
Thus substitute the parts into the equation we get
280 = 7000*0.02*T
Solving for T we get A or 2 years
I = PRT
P = initial capital = $7000
R = rate = 0.02 in this case
T = time = our variable we are solving for
Thus substitute the parts into the equation we get
280 = 7000*0.02*T
Solving for T we get A or 2 years