Question

2. Arthur has $19,500 to invest, and wishes to gain $8,000 in interest over eleven years. Approximately what is the minimum simple interest rate that Arthur needs to achieve his goal?A 2.64% C 3.72% B 3.04% D 4.51%

Answer 1

R=I÷pt
R=8,000÷(19,500×11)=0.0372×100=3.72%

Answer 2

The minimum simple interest rate that Arthur needs to achieve his goal is 3.72% .

What is Interest ?

The cost you pay to borrow money or the cost you charge to lend money is known as interest.

The most common way to express interest is as a percentage of the loan amount over a year. The loan's interest rate is expressed as a percentage.

The amount Arthur has to invest  P= $19,500

Interest he wishes to gain I== $8000

Time period = T= 11 years

Simple Interest = {P*R*T)/100

8000 = (19500 * R * 11)/100

800000= 19500 * R * 11

R = 3.72%

Therefore the minimum simple interest rate that Arthur needs to achieve his goal is 3.72%

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