Mary Deposits $15,000 in a Bank Account Earning Simple Interest

question 19

Multiple Choice

Mary deposits $15,000 in a bank account earning simple interest rate r = 5.25% on October 25,2013 and leaves it on deposit until February 4,2014.Using exact interest,how much interest is earned during the entire investment period?

• A)$217.91
• B)$223.13
• C)$220.07
• D)$222.23

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Definitions:

Intangibles

Assets that have no physical form but possess value, such as intellectual property or brand reputation.

Financial Assets

Economic resources or investments that are paper or digital, such as stocks, bonds, and bank deposits.

Exchange Rate

The worth of one currency when converted into another.

Gold

A precious metal used as an investment, a currency standard, and jewelry due to its perceived value and physical properties.