Name:______________ Grade 12 Applied Math Quiz #1 1. Steve invests $4600 in an investment that pays simple interest at a rate of 4.5%. a. Calculate the future value of Steve's investment after 4 years. b. What is Steve's rate of return over the 4 years? (round to 1 decimal place). c. How long will it take for Steve's investment to be worth $6500? (round to one decimal place) 2. Sharon plans to invest in an investment that pays 3.75% interest compounded quarterly. a. If she invests $12000 now, how much interest will Sharon have earned after 7 years? b. If Sharon would like her investment to be worth $25000 in 12 years (with no further contributions), how much does she to invest now