# Margaret invests at 6 simple interest for six years

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23. Margaret invests at 6% simple interest for six years. Pete invests at 6%, compounded annually, foreight years. Sylvia invests for eight years at 6% simple interest. Which one of the following statementsis correct if all three individuals invested the same amount of money on the same day?A. Margaret will have more money than Sylvia at the end of three years.B. Pete will have more money than either Margaret or Sylvia at the end of four years.C. Sylvia will have more money than either Margaret or Pete at the end of six years.D. Margaret will have less money than Pete but more money than Sylvia at the end of five years.E. Sylvia and Margaret will have more money than Pete at the end of six years.
24. Sue invested \$5,000 eleven years ago at 12%. Terri has the same amount saved today as Sue has.Terri also earns 12% but she only invested \$2,500. How long ago did Terri invest her money?
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25. An account was opened with \$1,000 three years ago. Today, the account balance is \$1,157.63. If theaccount earns simple interest, how long will it take until the account has earned a total of \$225 ininterest?
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II.SHORTANSWERSAnswer any 5 of the 6 questions below directly on this booklet, in the spaces provided. If you answerall 6 questions, the first five will count towards your grade. Each question is worth 10 points. Forcomplete credit, provide a brief explanation to your answer. That is, for a numerical question,provide all the steps in obtaining the answer and label clearly your computations; when applicable,graphs should be labelled clearly.QuestionMarkTotalQuestion 1.Gordon Driving Schoolâ€™s 2019 balance sheet showed net fixed assets of \$1.65 million, andthe 2020 balance sheet showed net fixed assets of \$1.73 million. The companyâ€™s 2020 statement ofcomprehensive income showed a depreciation expense of \$284,000. What is Gordonâ€™s capital spendingfor 2020?
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