Answer:
The time is [tex]2\ years[/tex]
Step-by-step explanation:
we know that
The simple interest formula is equal to
[tex]A=P(1+rt)[/tex]
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
[tex]t=?\ years\\ P=\$600\\ A=\$600+\$84=\$684\\r=0.07[/tex]
substitute in the formula above
[tex]\$684=\$600(1+(0.07)t)[/tex]
solve for t
[tex]t=[(684/600)-1]/0.07=2\ years[/tex]
