Saving money to build new loading platform

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Reference no: EM131851822

1. Towne Station is saving money to build a new loading platform. Three years ago, they set aside $23,000 for this purpose. Today, that account is worth $31,406. What rate of interest is Towne Station earning on this investment? 9.47 percent 8.23 percent 8.39 percent 10.94 percent 9.01 percent.

2. Thomas invests $116 in an account that pays 5 percent simple interest. How much money will Thomas have at the end of 5 years?

Reference no: EM131851822

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