Betty Invests $500 in an Account That Pays 3% Simple

question 103

Multiple Choice

Betty invests $500 in an account that pays 3% simple interest. How much money will Betty have at the end of ten years?

• A) $630.00
• B) $633.33
• C) $650.00
• D) $671.96
• E) $675.00

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Definitions:

Consistent

Showing steady conformity to a particular pattern, standard, or set of rules over time.

Over Time

A period extending beyond the usual hours of work, often associated with additional pay; or gradually through a period.

Implicit Contract

An unwritten and unspoken agreement between individuals, often based on common norms or expectations.

Formal Contract

A legally binding agreement between parties, outlined in a document with specific terms and conditions.