Simple Interest CW2

Question #2

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%

• A

• B

• C

• D

Question #4

If you invest $8,600 at a 3.95% simple annual interest rate, approximately how long will it take for you to earn a total of $21,000 in interest?

A. 25 years

B. 36 years

C. 45 years

D. 61 years

• A

• B

• C

• D

Question #6

Iris has earned $813 in interest on her investment. 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. $1,806

B. $2,282

C. $3138

D. $3945

• A

• B

• C

• D

Question #9

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?

A. $1,279.26

B. $4,369.26

C. $4,373.77

D. $7,463.77

• A

• B

• C

• D

You invest $500 at 4% rate and receive $60 in simple interest. How many years did you invest?

• 1 year

• 2 years

• 3 years