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A certain money market account that had a balance of $48,000 during a
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09 May 2021, 01:04
09 May 2021, 01:04
Expert Reply
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Question Stats:
66% (01:08) correct
33% (01:59) wrong based on 9 sessions
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A certain money market account that had a balance of $48,000 during allof last month earned $360 in interest for the month. At what simple annualinterest rate did the account earn interest last month?
(A) 7%
(B) 7.5%
(C) 8%
(D) 8.5%
(E) 9%
(A) 7%
(B) 7.5%
(C) 8%
(D) 8.5%
(E) 9%
Re: A certain money market account that had a balance of $48,000 during a
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09 May 2021, 03:21
09 May 2021, 03:21
3
Solution:
Principal (p)=48000
Interest (i)=i
No of years (n)=\(\frac{1}{12}\)
S.I=pni
360=48000* i * \(\frac{1}{12}\)
i=0.09
Thus the rate of interest=9%
IMO E
Hope this helps!
Principal (p)=48000
Interest (i)=i
No of years (n)=\(\frac{1}{12}\)
S.I=pni
360=48000* i * \(\frac{1}{12}\)
i=0.09
Thus the rate of interest=9%
IMO E
Hope this helps!
Re: A certain money market account that had a balance of $48,000 during a
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01 May 2024, 12:08
01 May 2024, 12:08
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Thanks to another GRE Prep Club member, I have just discovered this valuable topic, yet it had no discussion for over a year. I am now bumping it up - doing my job. I think you may find it valuable (esp those replies with Kudos).
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