Investment of $3000 at 16% simple interest for 2 years
Investment of $3000 at 5% simple interest for 20 years
Investment of $1000 at 16% simple interest for 20 years
Solution:
(1) Investment of $3000 at 5% simple interest for 20 years
[tex]$\text{Simple interest}=\frac{PRT}{100}[/tex]
[tex]$=\frac{3000\times5\times20}{100}[/tex]
[tex]$=3000[/tex]
Simple interest 1 = $3000
(2) Investment of $3000 at 16% simple interest for 2 years
[tex]$\text{Simple interest}=\frac{PRT}{100}[/tex]
[tex]$=\frac{3000\times16\times2}{100}[/tex]
[tex]$=960[/tex]
Simple interest 1 = $960
(3) Investment of $1000 at 16% simple interest for 20 years
[tex]$\text{Simple interest}=\frac{PRT}{100}[/tex]
[tex]$=\frac{1000\times16\times20}{100}[/tex]
[tex]$=3200[/tex]
Simple interest 1 = $3200
Order from least interest amount to greatest interest amount:
$960 < $3000 < $3200
Investment of $3000 at 16% simple interest for 2 years
Investment of $3000 at 5% simple interest for 20 years
Investment of $1000 at 16% simple interest for 20 years
