Diana borrowed $2,000 from Pat and promised to pay him $2,165 after 1.5 years. What simple interest rate did she have in mind?
5.5% per month
5.5% per year
6.5% per year
72.2% per year
How long does it take double an investment of $20,000 if the investment pays only simple interest at the rate of 3% per year?
33.33 years
35.38 years
0.33 years