You invest $1,000 in a bank account with an annual interest rate of 5% for 3 years. What will be the total interest earned? A. $150 B. $200 C. $300 D. $350

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 1P
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Assignment Question 3.5 General finance

You invest $1,000 in a bank account with
an annual interest rate of 5% for 3 years.
What will be the total interest earned?
A. $150
B. $200
C. $300
D. $350
Transcribed Image Text:You invest $1,000 in a bank account with an annual interest rate of 5% for 3 years. What will be the total interest earned? A. $150 B. $200 C. $300 D. $350
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