Consider the long division problem below. What error did Sam make when he computed the answer?
2 answers:
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Investment of $3000 at 16% simple interest for 2 years
Investment of $3000 at 5% simple interest for 20 years
Investment of $1000 at 16% simple interest for 20 years
Solution:
(1) Investment of $3000 at 5% simple interest for 20 years
Simple interest 1 = $3000
(2) Investment of $3000 at 16% simple interest for 2 years
Simple interest 1 = $960
(3) Investment of $1000 at 16% simple interest for 20 years
Simple interest 1 = $3200
Order from least interest amount to greatest interest amount:
$960 < $3000 < $3200
Investment of $3000 at 16% simple interest for 2 years
Investment of $3000 at 5% simple interest for 20 years
Investment of $1000 at 16% simple interest for 20 years