How much money would have to be deposited on March 11 into an account earning a simple interest rate of 9.5% if the goal is to have the deposit grow to $12,000 by November 1?
A) $10,860.00
B) $11,175.45
C) $14,098.36
D) $11,308.33
E) $11,497.44

Question

Quizplus · Accepted Answer

The amount of interest earned is $12,000 - $10,860 = $1,140. The interest rate is 9.5%, and the time is 7 months (from March 11 to November 1). So, the amount of money that would have to be deposited is $1,140 / (9.5% * 7/12) = $11,308.33.

How Much Money Would Have to Be Deposited on March