If the Accumulated Amount Is $3,630 at the End of 3

question 190

Multiple Choice

If the accumulated amount is $3,630 at the end of 3 years and the simple rate of interest is 7%/year, what is the principal? ​

• A) The principal is $2,500.
• B) The principal is $3,990.
• C) The principal is $3,000.
• D) The principal is $3,200.

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Definitions:

French Champagne

French Champagne is a sparkling wine made from specific grape varieties grown in the Champagne region of France, adhering to strict production rules.

Balance Of Payments

A record of all economic transactions between the residents of a country and the rest of the world in a period.

U.S. Financial Assets

Economic resources or possessions of value owned or controlled by individuals or entities in the United States, including stocks, bonds, and bank deposits.

Living Beyond Its Means

A situation wherein an entity (like a government, company, or individual) spends more money than it receives in income or revenue, leading to debt accumulation.