Arthur has $19,500 to invest, and wishes to gain $8,000 in interest over eleven years. approximately what is the minimum simple interest rate that arthur needs to achieve his goal?
a. 2.64%
b. 3.04%
c. 3.72%
d. 4.51%

Answer

Find out the  what is the minimum simple interest rate that arthur needs to achieve his goal .

To prove

Formula

As given

Arthur has $19,500 to invest, and wishes to gain $8,000 in interest over eleven years .

Here

Principle = $ 19500

Simple interest = $ 8000

Time = 11 years

Put in the formula

Rate = 3.72 % (approx)

Therefore the  simple interest rate that arthur needs to achieve his goal is 3.72 % .

Option (c) is correct .

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60: 45 =12: 9 =4: 3 so the answer is 4: 3