So in order to figure this out we need to know the formula for simple interest
In this case it is.
I = p r t (they are all multiplied by each other)
p = "principle" or the starting amount of money
r = the rate or percentage
t = time (in years)
So lets figure it out in the order they give it to us. Then Put them least to greatest.
So the first one is
Investment at $3,000 at 16% simple interest for 2 years.
We multiply them all together to get our interest.
lets do the math:)
16% = 0.16
$3,000 x 0.16 x 2 = $960
Now lets do the second one.
Investment of $3,000 at 5% simple interest for 20 years.
Lets multiply them all together.
5% = 0.05
$3,000 x 0.05 x 20 = $3,000
Now for our third one.
Investment of $1,000 at 16% simple interest for 20 years
Lets multiply them together.
16% = 0.16
$1,000 x 0.16 x 20 = $3,200
Now here is our answer ↓↓↓
Now to put these in order from least to greatest.
1st.) Investment at $3,000 at 16% simple interest for 2 years. = $960
2nd.) Investment of $3,000 at 5% simple interest for 20 years.= $3,000
3rd.)Investment of $1,000 at 16% simple interest for 20 years.= $3,200
