Mrc Financial Maths 3

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Mrc Financial Maths 3 - Quiz

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Questions and Answers
  • 1. 

    Bruce invests $3,500 at 8% p.a. simple interest, for a period of time, to produce $210 interest. For how long did he invest the money? 

    • A.

      1.3 years

    • B.

      0.0048 years

    • C.

      1.3 months

    • D.

      13 years

    Correct Answer
    A. 1.3 years
    Explanation
    Bruce invested $3,500 at an interest rate of 8% per year. The interest earned on this investment was $210. To find the time period for which he invested the money, we can use the formula for simple interest: Interest = Principal × Rate × Time. Plugging in the given values, we have $210 = $3,500 × 0.08 × Time. Solving for Time, we get Time = $210 / ($3,500 × 0.08) = 1.3 years. Therefore, Bruce invested the money for 1.3 years.

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  • 2. 

    Daniel invests $5,000 earns $6,000 simple interest in 12 years. Calculate the interest rate. 

    • A.

      100%

    • B.

      1%

    • C.

      10%

    • D.

      0.1%

    Correct Answer
    C. 10%
    Explanation
    Daniel invested $5,000 and earned $6,000 in interest over a period of 12 years. To calculate the interest rate, we can divide the interest earned ($6,000) by the principal amount invested ($5,000) and then divide the result by the number of years (12). This gives us a decimal value of 0.1. To convert this to a percentage, we multiply by 100, which gives us 10%. Therefore, the interest rate is 10%.

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  • 3. 

    Abbie invests $2,500 at 8% p.a. simple interest for a period of time and receives $50 interest. For how long (in months) did she invest the money?

    • A.

      25 months

    • B.

      .25 months

    • C.

      3 years

    • D.

      3 months

    Correct Answer
    D. 3 months
    Explanation
    Abbie invested $2,500 at a simple interest rate of 8% per annum and received $50 in interest. To find the time period of the investment, we can use the formula: Interest = Principal x Rate x Time. Plugging in the given values, we have $50 = $2,500 x 0.08 x Time. Solving for Time, we find that Time = 3 months. Therefore, Abbie invested the money for 3 months.

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  • 4. 

    Jasmeen invests $400 and earns $80 simple interest in 2 years. Calculate the interest rate. 

    • A.

      11%

    • B.

      0.1%

    • C.

      1%

    • D.

      10%

    Correct Answer
    D. 10%
    Explanation
    Jasmeen invested $400 and earned $80 in 2 years. To calculate the interest rate, we can use the formula: Interest = Principal × Rate × Time. Plugging in the given values, we have 80 = 400 × Rate × 2. Solving for Rate, we get Rate = 80 / (400 × 2) = 0.1, which is equal to 10%. Therefore, the interest rate is 10%.

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