1. Greg borrowed $10,000 to purchase a pontoon boat. The credit union charges 9 percent simple interest on boats. He paid $4,500 in interest. For what period of time did he borrow the money?
2. Determine the value of a $3,000 investment paying 9% interest, compounded semi-annually, over a 2-year period.
principle $3000
annual rate 9%
compound semi-annual time 2years