Maggie has $14,100 to invest, and wishes to gain $4,000 in interest over the next eight years. Approximately what is the minimum simple interest rate Maggie needs to reach her goal?

For simple interest, use I = P × r × t. Solving for the rate gives r = $4,000 ÷ ($14,100 × 8) ≈ 0.0355, or 3.55%. The minimum rate is approximately 3.55%, choice B.

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