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Anna invested [m] \$120,000[/m] in an account
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29 Aug 2021, 04:37
29 Aug 2021, 04:37
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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)?
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\(9\)
Re: Anna invested [m] \$120,000[/m] in an account
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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
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17 Jul 2023, 11:56
17 Jul 2023, 11:56
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