Interest Rates
9 practice questionsEngineering EconomicsStep-by-step solutions
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1
How much simple interest does $1,000 earn over 4 years at 5% per year?
A.$50
B.$200
C.$400
D.$2,000
2
What is the simple interest earned on $2,000 at 6% per year for 3 years?
A.$120
B.$360
C.$600
D.$2,360
3
The core idea behind the time value of money is that:
A.Money loses all value over time
B.A sum of money today is worth more than the same sum in the future
C.Interest rates are irrelevant
D.Future money is always worth more
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