1. Find how much money would have had to be invested to earn $406 simple interest at 1% for 2 years.

a) $20300

b) $20250

c) $20400

d) $19900

2. Calculate the amount of simple interest earned on a deposit of $28,000 at 9% for 5 years.

a) $15081.41

b) $12609.84

c) $2520

d) $12600

3. Determine how long it would take an investment of $10,000 to grow into $11,400 if the deposit earned 7% simple interest per year.

a) 18 months

b) 20 months

c) 24 months

d) 30 months