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Back to 6.3 Simple Interest

6.3 Exercise 9

Avg difficulty 2.5

In the following, determine how much interest was earned on the investment and the future value of the investment, if the investment yields simple interest.

  1. Principal is $1,000, annual interest rate is 2.01%, and time is 5 years
  2. Principal is $5,000, annual interest rate is 1.85%, and time is 30 years
  3. Principal is $10,000, annual interest rate is 1.25%, and time is 18 months
  4. Principal is $7,000, annual interest rate is 3.26%, and time is 100 days

OpenStax Contemporary Mathematics, 6.3 Simple Interest, exercise 9

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Adapted from Contemporary Mathematics © 2023 Rice University. Licensed under CC BY 4.0. Source: Contemporary Mathematics. Imported at revision fa7c1a1.