An Investment Earning 16% Simple Interest Has a Maturity Value

question 101

Multiple Choice

An investment earning 16% simple interest has a maturity value of $9,440.00 after eight months. What was the initial amount invested?

• A) $8,530.12
• B) $10,446.93
• C) $7,228.92
• D) $8,853.33
• E) $7,780.22

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Definitions:

Experiential

Relating to or derived from experience; emphasizing the importance of personal experience in the acquisition of knowledge.

Contextual

Pertaining to or depending on the context of a situation, event, or concept, affecting its understanding and interpretation.

Intelligence

The ability to acquire, understand, and apply knowledge and skills, and to adapt to new situations.

Visual-recognition Memory

The ability to remember and recognize previously encountered objects, symbols, or individuals by sight.