10
QuizMultiple Choice

Simple Interest

Question 10 • (Kapuschinsky)WCA 3424 Consumer Applications 1st nine weeks 26-27

Olivia deposits $6,952 in a savings account paying 3.72% interest. To the nearest dollar, how much money does Olivia have in total after sixteen years?

Answer
A
$4,138
B
$8,568
C
$11,090
D
$29,901

Explanation

Use simple interest: the interest earned is $6,952 × 0.0372 × 16 = $4,137.83. Add that to the original deposit: $6,952 + $4,137.83 = $11,089.83, which rounds to $11,090. So Olivia has $11,090 in total, choice c.

AI-written and checked against the verified answer.

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