If I invest $600 at an 11.5% interest rate, how much money will I earn over 5 years? A. $945 B. $345 C. $69 D. $34.50

1 Answer
Qinglong Diep
Jun 20, 2018

The correct answer is A.

Explanation:

So to figure out the investment in one year, we need to convert #11.5%# to a decimal by putting it over a 100 like this:

#11.5/100 = 0.115#

So now we multiply this by 600 like this:

#600*0.115=69#

Now we multiply 69 by 5 which gives us 345 but we need to add this to 600 of our current amount which gives us 945. So the answer is A.

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