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
Subject:FinancePrice:2.87 Bought7
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
Purchase A New Answer
Custom new solution created by our subject matter experts
GET A QUOTE
Answer Preview
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.
