1. Rick invested $1500 at 9% per annum for 4 years. a) How much simple interest did he earn on his investment? b) How much money does Rick have in his acceunt at the end of 4 years?

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.57TI: What is the total effect on the economy of a government tax rebate of $1,000 to each household in...
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1.
Rick invested $1500 at 9% per annum for 4 years.
a)
How much simple interest did he earn on his investment?
b)
How much money does Rick have in his acceunt at the end of 4 years?
Transcribed Image Text:1. Rick invested $1500 at 9% per annum for 4 years. a) How much simple interest did he earn on his investment? b) How much money does Rick have in his acceunt at the end of 4 years?
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