When $8,600 is invested in a savings account paying simple interest for the year, the interest, i in dollars, can be obtained from the equation i=8,600r, where r is the rate of interest in decimal form. Graph i=8,600r, for r up to and including a rate of 16%. If the rate is 7%, how much interest is earned? OA. $6,020 OB. $602 OC. $586 OD. $622

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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When $8,600 is invested in a savings account paying simple interest for the year, the interest, i in dollars, can be
obtained from the equation i=8,600r, where r is the rate of interest in decimal form. Graph i=8,600r, for r up to and
including a rate of 16%. If the rate is 7%, how much interest is earned?
OA. $6,020
OB. $602
OC. $586
OD. $622
Transcribed Image Text:When $8,600 is invested in a savings account paying simple interest for the year, the interest, i in dollars, can be obtained from the equation i=8,600r, where r is the rate of interest in decimal form. Graph i=8,600r, for r up to and including a rate of 16%. If the rate is 7%, how much interest is earned? OA. $6,020 OB. $602 OC. $586 OD. $622
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