Question

Investment of $2000 at 10% simple interest for 9 years

Answer 1

Answer:

The last investment (C) has the least interest of $600

The other two investments (A and B) have the same amount of interest of $1800.

Step-by-step explanation:

Simple Interest Formula

I = Prt

where:

• I = interest earned
• P = principal
• r = interest rate (in decimal form)
• t = time (in years)

Investment A

• P = $2000
• r = 10% = 0.1
• t = 9 years

Substitute the given values into the formula and solve for I:

⇒ I = 2000(0.1)(9)

⇒ I = $1800

Investment B

• P = $3000
• r = 3% = 0.03
• t = 20 years

Substitute the given values into the formula and solve for I:

⇒ I = 3000(0.03)(20)

⇒ I = $1800

Investment C

• P = $2000
• r = 10% = 0.1
• t = 3 years

Substitute the given values into the formula and solve for I:

⇒ I = 2000(0.1)(3)

⇒ I = $600

The last investment (C) has the least interest of $600.

The other two investments (A and B) have the same amount of interest of $1800.