If you have $1,000 and earn an annual simple interest rate of 5%, how much will you have at the end of 3 years? a) $1,150 b) $1,200 c) $1,250 d) $1,300

Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter11: Capital Budgeting Decisions
Section: Chapter Questions
Problem 6MC: You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years....
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If you have $1,000 and earn an annual simple
interest rate of 5%, how much will you have
at the end of 3 years?
a) $1,150
b) $1,200
c) $1,250
d) $1,300
Transcribed Image Text:If you have $1,000 and earn an annual simple interest rate of 5%, how much will you have at the end of 3 years? a) $1,150 b) $1,200 c) $1,250 d) $1,300
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