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 It is currently 20 Feb 2019, 15:42

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06 Feb 2019, 23:47
00:00

Difficulty:

45% (medium)

Question Stats:

63% (01:38) correct 37% (01:22) wrong based on 19 sessions

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A certain money market account that had a balance of $48,000 during all of last month earned$360 in interest for the month. At what simple annual interest rate did the account earn interest last month?

A. 7%
B. 7.50%
C. 8%
D. 8.50%
E. 9%

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07 Feb 2019, 04:05
360*12=4320 annual int.

4320 / 48000 = 9%
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Joined: 09 Mar 2018
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07 Feb 2019, 13:44
Bunuel wrote:
A certain money market account that had a balance of $48,000 during all of last month earned$360 in interest for the month. At what simple annual interest rate did the account earn interest last month?

A. 7%
B. 7.50%
C. 8%
D. 8.50%
E. 9%

$$48000*(1 + \frac{r}{100} * \frac{1}{12}) = 3600$$

$$r = 9%$$