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Simple Interest, SMB-007 MC

Jackie invests $4350 for 3 years. The simple interest is calculated at a rate of 4.5% per annum.

What is the total value of the investment at the end of this period, to the nearest dollar?

  1. $4395
  2. $4546
  3. $4722
  4. $4937
Show Answers Only

`D`

Show Worked Solution
`text(Interest)` `=Prn`
  `=4350 xx \frac{4.5}{100} xx 3`
  `=$587.25`

 
`:.\ text(Value of Investment)=4350 + 587 =$4937`

`=>  D`

Filed Under: Simple Interest Tagged With: num-title-ct-corea, smc-4332-10-Find interest

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