An investor puts $2,500 into a life insurance policy that pays 10% simple annual interest. If no additional investment is made i
nto the policy, what is the total amount the investor should expect at the end of 5 years?
A) 125
B) 3,750
C) 1,250
D) 2,625
1 answer:
Answer:
$3750
Step-by-step explanation:
Amount = principal + interest
Simple interest = Principal *Rate * time/100
Simple interest = 2500*10*5/100
Simple interest = 25*50
Simple interest = $1250
Amount = $2500+$1250
Amount after 5 years is $3750
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