June has a savings account with an annual simple interest rate of 2.6%. She hopes to gain $6,500 in interest over a period of eleven years. To accomplish this, June invested $17,801 in the account, but later realized that this was not enough money. To the nearest dollar, how much more money should June have initially invested to reach her goal?a.$6,335b.$3,715c.$1,409d.$4,926
If you invest $3,900 at a 7.83% simple annual interest rate, approximately how long will it take for you to have a total of $10,000?a.12 yearsb.15 yearsc.20 yearsd.30 years
Rose and Dennis each open a savings account at the same time. Rose invests $2,600 in an account yielding 4.1% simple interest, and Dennis invests $2200 in an account yielding 5.7% simple interest. After nine years, who has the greater total amount of money, and how much greater is it? a. Rose has $230.80 more than Dennis. b. Rose has $559.40 more than Dennis. c. Dennis has $169.20 more than Rose. d. Dennis has $512.00 more than Rose. Please select the best answer from the choices provided
If you wish to calculate the interest on an investment with a rate of 3.58%, what number will you plug into your equation?a.3.58b.0.358c.0.0358d.0.00358
Sam invests $9,400 in a fund yielding 5.2% simple interest annually. At the same time, Pat shops around for a better interest rate and invests $9,400 in a fund yielding 6.0% simple interest annually. After seven years, how much more interest has Pat’s fund earned than Sam’s fund?a.$817.80b.$3,948.00c.$652.40d.$526.40
When calculating simple interest, what must you do if you want to invest for months or weeks instead of years?a.Simple interest only pays yearly, so you should find another investment.b.The simple interest calculation does not use those units, so you should just calculate as normal.c.The units have changed, so the interest formula switches to I·t=P·r.d.Interest rates are annual, so you must convert the units into years.
Why is simple interest useful for planning parts of your financial future?a.Simple interest can endure unforeseen economic changes by fluctuating.b.Simple interest generates more money than any other source of income.c.Simple interest grows more quickly if you invest in it longer.d.Simple interest is very regular and can be calculated in advance.
Mary and Lewis each open a savings account at the same time. Mary invests $3,700 in an account yielding 3.2% simple interest, and Lewis invests $3,000 in an account yielding 5.9% simple interest. After fifteen years, who has the greater total amount of money, and how much greater is it?a.Lewis has $879 more than Mary.b.Lewis has $179 more than Mary.c.Mary has $776 more than Lewis.d.Mary has $345 more than Lewis.
Trevor has an investment worth $6,774.50. He made his only deposit in it 22 years ago. Given that the investment yields 2.7% simple interest annually, how big was the initial deposit?a.$2,524.50b.$4,024.03c.$4,250.00d.$11,404.88
Gina invests $1,677 in an account paying 8.61% simple interest annually. How much interest has Gina gained after six years?a.$668.65b.$240.65c.$866.34d.$2,543.34
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