How much money would have to be invested from June 4 until December 22 at 13%, in order to earn $750 in interest?
A) $12,840
B) $5,769
C) $2,186
D) $10,477
E) $5,151

Question

Quizplus · Accepted Answer

The interest earned can be calculated using the formula for simple interest: Interest = Principal × Rate × Time. Here, the time is approximately 0.55 years (from June 4 to December 22), and the rate is 13% or 0.13. Solving for the principal gives $10,477.

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