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?
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?
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?
If you wish to calculate the interest on an investment with a rate of 3.58%, what number will you plug into your equation?
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?
When calculating simple interest, what must you do if you want to invest for months or weeks instead of years?
Why is simple interest useful for planning parts of your financial future?
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?
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?
Gina invests $1,677 in an account paying 8.61% simple interest annually. How much interest has Gina gained after six years?
Which of the following investments will earn the greatest amount of interest?
Nate has an account that pays 2.76% simple interest per year and wants to accumulate $3,090 in interest from it over the next 15 years. How much money should Nate invest in this account to meet this goal?
Did you find these answers helpful?