When Paul was born, his parents invested a principal of $3000 at 4.5% simple interest, paid annually.

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When Paul was born, his parents invested a principal of $3000 at 4.5% simple interest, paid annually. Today is Paul's 18th birthday.

a. What is the accumulated value of the investment?

b. What is the interest earned on the investment?

c. What is the rate of return on the investment, to the nearest percent?

Related Book For answer-question

Engineering Mechanics Statics & Dynamics

ISBN: 9780134895154

15th Edition

Authors: Russell C. Hibbeler

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Posted Date: Apr 03, 2023 03:45 AM

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When Paul was born, his parents invested a principal of $3000 at 4.5% simple interest, paid annually.

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a To calculate the accumulated value of the investment we can use the simple interest for... View the full answer

Engineering Mechanics Statics & Dynamics

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