Calculate the Amount of Interest You'll Have at the End

question 196

Multiple Choice

Calculate the amount of interest you'll have at the end of the indicated period.
-You invest $6000 in an account that pays simple interest of 3% for 6 years.

• A)$1080.00
• B)$180.00
• C)$1380.60
• D)$1009.00

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Definitions:

Investing

Allocating fiscal resources with the foresight of making an income or profit.

Gross Investment

The total amount spent on new capital assets before accounting for depreciation.

Depreciation

The reduction in the value of an asset over time, often due to wear and tear or the passage of time.

Inventory Investment

The stock of goods or raw materials kept by a business to meet future sales or production needs.