Which One of the Following Statements Is Correct If You

question 277

Multiple Choice

Which one of the following statements is correct if you invest $100 in an account at a simple interest rate of 4% for five years?

• A) You will earn more interest than if you invested in an account which compounded the interest.
• B) For every $1 you earn in interest in the first year, you will earn ($1.04) interest in the second year.
• C) You will earn interest on interest for four of the five years.
• D) The amount of interest you earn in year five will equal the interest you earn in year one, whether or not you reinvest your earnings.
• E) The total interest you will earn over five years will be equal to $100 x (1 +.04)^5.

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