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

Explanation of Principal: Principal is the original amount of money invested or loaned before any…

Answered: If you have $1,000 and earn an annual…

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