By solving the word problem given, the interest that was earned is calculated as: $60.
How to Solve Word Problem?
Given the word problem above, to find how much interest earned, we solve as shown below:
New balance after earning interest = $420
Let the original balance be represented as x
Therefore, we would create the following equation to find the value of x:
7/6 of x = 420
7/6 × x = 420
7/6x = 420
Solve for x by multiplying both sides by 6/7
7/6x × 6/7 = 420 × 6/7
x = (420 × 6)/7
x = 360
The original balance is $320
Interest = New balance - original balance
Interest = $420 - $320
Interest = $60
Thus, solving the word problem given, the interest that was earned is calculated as: $60.
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