For the Given Principal, Interest Rate, and Time Period, Determine

question 250

Multiple Choice

For the given principal, interest rate, and time period, determine the amount of interest that would be earned in anaccount paying simple interest. Also determine the amount of interest that would be earned in an account payingcompound interest with interest compounded annually. Determine how much more interest would be earned in theaccount paying compound interest. Round to the nearest cent.
-Principal: $950 Rate: 3% Years: 6

• A)$13.35
• B)$963.35
• C)$792.35
• D)$8.81

---

Definitions:

Deductive Approach

A reasoning process that starts with a general theory or hypothesis and moves towards a specific conclusion based on the evidence.

Bad-news Message

A communication strategy used to convey disappointing or unfavorable information, decisions, or feedback to the receiver in a tactful manner.

Fattism

Prejudice or discrimination against people perceived to be overweight or obese.

Gender-bending

The act of defying or questioning traditional gender roles and norms through one's appearance, behavior, or identity.