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


a.$29.40

b.$60.00

c.$600.00

d.$6,000.00

Verified Answer :

We know, interest value = P R T /100
Here, I = 420
R = 7%
T = 1 

Substitute their values, 
420 = P 7 1 /100
P = 420100 / 7
P = 60100
P = 6000

In short, Your Answer would be Option D) $6,000

Hope this helps!

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