GRE Prep Club Daily Prep
Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.
Customized
for You
Track
Your Progress
Practice
Pays
Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.
Anna invested [m] \$120,000[/m] in an account
[#permalink]
29 Aug 2021, 04:37
29 Aug 2021, 04:37
1
Expert Reply
1
Bookmarks
00:00
Question Stats:
87% (01:11) correct
12% (01:47) wrong based on 16 sessions
Hide Show timer Statistics
Anna invested \( \$120,000\) in an account, which yields \(r \ \%\) simple interest annually. If she received \(\$850\) last month, what could be the value of \(r\) (rounded to the nearest integer)?
Show: ::
\(9\)
Re: Anna invested [m] \$120,000[/m] in an account
[#permalink]
29 Aug 2021, 19:42
29 Aug 2021, 19:42
2
\(P = 120,000\)
\(I = 850\) for the last month
Simple interest I = \(\frac{PRN}{100}\)
Here the interest is for a month only so \(N = 1\) month & \(R = \frac{R}{12}\)
\(850 = \frac{120000 * R * 1}{100 * 12}\)
\(R = 8.5\)%
We need R, rounded to the nearest integer.
Answer 9
\(I = 850\) for the last month
Simple interest I = \(\frac{PRN}{100}\)
Here the interest is for a month only so \(N = 1\) month & \(R = \frac{R}{12}\)
\(850 = \frac{120000 * R * 1}{100 * 12}\)
\(R = 8.5\)%
We need R, rounded to the nearest integer.
Answer 9
Re: Anna invested [m] \$120,000[/m] in an account
[#permalink]
17 Jul 2023, 11:56
17 Jul 2023, 11:56
Hello from the GRE Prep Club BumpBot!
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).
Want to see all other topics I dig out? Follow me (click follow button on profile). You will receive a summary of all topics I bump in your profile area as well as via email.
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).
Want to see all other topics I dig out? Follow me (click follow button on profile). You will receive a summary of all topics I bump in your profile area as well as via email.
