question archive You plan to invest $6,500 for three years at 4 percent simple interest

You plan to invest $6,500 for three years at 4 percent simple interest

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You plan to invest $6,500 for three years at 4 percent simple interest. What will your investment be worth at the end of the three years??

A. $7,250.00

?B. $6,760.00

?C. $6,941.11

?D. $7,311.62

?E. $7,280.00

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Answer:

Investment = $ 6500

Simple interest for 1 year @ 4% = 6500 * 4/100 = $260

Interest for 3 years = $260*3 = $ 780

Value of investment at the end of three years = 6500 + 780 = $ 7280

Hence option E is right.

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