Philip invested $800 for a period of one year at a rate of interest of 6%, the return on his investment is _____.
A) $48
B) $80
C) $60
D) $88

Name: Philip invested $800 for a period of one year at a rate of interest of 6%, the return on his investment is _____. A) $48 B) $80 C) $60 D) $88
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Question

Quizplus · Accepted Answer

The return on investment can be calculated using the formula: Interest = Principal × Rate × Time. Here, Principal = $800, Rate = 6% (or 0.06), and Time = 1 year. So, Interest = $800 × 0.06 × 1 = $48.

Philip Invested $800 for a Period of One Year at a Rate