Asked by stanley owuama on Jul 15, 2024
Verified
A $2875.40 investment grew to $3000 after eight months. What annual rate of simple interest did it earn?
Simple Interest
Interest calculated only on the initial amount of money (principal), not on the interest accrued over time.
Investment
Allocation of resources, such as time, money, or effort, in hope of generating a future benefit or return.
- Assess the rate of interest, principal investment or loan amount, and the total due amount utilizing simple interest calculations.
Verified Answer
TC
Learning Objectives
- Assess the rate of interest, principal investment or loan amount, and the total due amount utilizing simple interest calculations.