An investment earning 16% simple interest has a maturity value of $9440.00 after eight months. What was the initial amount invested? A. $8530.12 B. $10,446.93 C. $7228.92 D. $8853.33 E. $7780.22
An investment earning 16% simple interest has a maturity value of $9440.00 after eight months. What was the initial amount invested? A. $8530.12 B. $10,446.93 C. $7228.92 D. $8853.33 E. $7780.22
Chapter8: Risk And Rates Of Return
Section: Chapter Questions
Problem 7PROB
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An investment earning 16% simple interest has a maturity value of $9440.00 after eight months. What was the initial amount invested?
A. $8530.12
B. $10,446.93
C. $7228.92 D. $8853.33 E. $7780.22
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