1. A $25,000 investment earned 0.25% per month simple interest for a three-month term. What total amount of interest was earned?

Intermediate Algebra
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Author:Lynn Marecek
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Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
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Please answer questions 14, 15 and 16 accurately to the nearest cent or two decimal places. Thank you. 

14. A $25,000 investment earned 0.25% per month
simple interest for a three-month term. What total
amount of interest was earned?
15. How much must be placed in a five-month term
deposit earning 4.3% simple interest in order to earn
$500 interest?
16. A five-month term deposit of $10,000 at Scotiabank
earned $175 in interest. What annual rate of simple
interest did the deposit earn?
Transcribed Image Text:14. A $25,000 investment earned 0.25% per month simple interest for a three-month term. What total amount of interest was earned? 15. How much must be placed in a five-month term deposit earning 4.3% simple interest in order to earn $500 interest? 16. A five-month term deposit of $10,000 at Scotiabank earned $175 in interest. What annual rate of simple interest did the deposit earn?
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