Investment A Invest 2400 for 3 years and get 8 pounds each month Investment B Invest 2400 for 3 years at a rate of 3.5% per year simple interest Which is the better investment

In seven years the hourly rate will be $15.79.

Step-by-step explanation:

Giving the following information:

Hourly rate= $10.5

Number of periods= 7 years

Increase rate (i)= 6%

To calculate the hourly rate in 7 years, we need to use the following formula:

FV= PV*(1 + i)^n

FV= 10.5*(1.06^7)

FV= $15.79

In seven years the hourly rate will be $15.79.