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What is the simple interest rate offered

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Question -

a. Mr. Chong has just won the state lottery and has the option of receiving RM500,000 in 14 years or cheque today for RM150,000. If he can invest at 8% simple interest, which option should he choose, assuming he doesn't need the money now for consumption?

b. Assume that any deposit in a bank account earns 6 percent simple interest.

(i) If you deposit RM14,000, how much will you have in one year?

(ii) If you deposit RM 13,000, how much will you have in two years if you do not withdraw anything in the first year?

c. Ms Lim deposits RM4,200 in a bank and obtains a simple interest of RM300 after 3 years. What is the simple interest rate offered?

Reference no: EM133008090

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