1. The time it will take for money to double at a simple interest rate of 5% per year is closest to A. 10 years B. 15 years C. 20 years D. 25 years 2. The simple interest rate per year that will accumulate the same amount of money (principal and interest) in 2 years as a compound interest rate of 20 % per year is closest to: A. 20.5% per year B. 21.5 % per year C. 22.0% per year D. 22.5% per year 3. At a compound interest of 10% per year, the amount that $10,000 five years ago is equivalent to now is closest to: A. $6,209 B. $7,842 C. $16,105 D. $13,541 4. You invested $40,000 in a microfinance company that gave an interest rate of 10% semiannually. Your investment is nearest what value 5 years from now. A. $ 64,440 B. $65,160 C. $98,040 D. $ 103,760