Simple Interest Answers

In the formula I=P·r·t, what does r stand for? a. Rate: the percent that interest is paid annually as a decimal b. Ratio: the size of the interest interval compared to time c. Return: how much money you end up earning d. Reserves: how much money you have in the investment Please select the best answer from the choices provided

Henry and Walter open savings accounts at the same time. Henry invests $6,500 at 4.54% simple interest, and Walter invests $7,100 at 4.74% simple interest. After eight years, how much more interest has Walter earned than Henry?a.$331.52b.$420.67c.$631.52d.$719.59

If you wish to calculate the interest on an investment with a rate of 6.17%, what number will you plug into your equation?a.0.00617b.0.0617c.0.617d.6.17

Iris has an investment worth $8,813. She made her only deposit in it seven years ago. Given that the investment yields 3.7% simple interest annually, how big was the initial deposit?a.$1,806b.$2,282c.$4,095d.$7,000

Arthur has $19,500 to invest, and wishes to gain $8,000 in interest over eleven years. Approximately what is the minimum simple interest rate that Arthur needs to achieve his goal?a.2.64%b.3.04%c.3.72%d.4.51%

Nicole deposits $2,136 in a savings account paying 5.36% interest. To the nearest dollar, how much money does Nicole have in total after nine years?a.$213b.$1,030c.$1,272d.$3,166

Ike invests $7,660 in an account paying 7.27% simple interest annually. How much interest has Ike gained after four years?a.$222.75b.$2,227.53c.$1,392.20d.$13,922.05

If you invest $8,600 at a 3.95% simple annual interest rate, approximately how long will it take for you to have a total of $21,000? a. 25.3 years b. 36.5 years c. 45.9 years d. 60.7 years Please select the best answer from the choices provided

Abigail has an account that pays 6.92% simple interest per year and wants to accumulate $5,896 in interest from this account over six years. How much money should Abigail invest in this account to meet this goal?a.$2,448.02b.$8,344.10c.$14,200.39d.$20,096.67

Which of the following investments will earn the smallest amount of interest?a.$8,030, invested for 2 years at 2.0% interestb.$1,901, invested for 8 years at 4.0% interestc.$5,330, invested for 6 years at 2.0% interestd.$3,970, invested for 6 years at 4.0% interest