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# A total of \$36,000 was invested for one month in a new money market ac

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Math Expert
Joined: 02 Sep 2009
Posts: 55802
A total of \$36,000 was invested for one month in a new money market ac  [#permalink]

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26 Nov 2018, 23:29
00:00

Difficulty:

25% (medium)

Question Stats:

73% (01:12) correct 27% (01:07) wrong based on 28 sessions

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A total of \$36,000 was invested for one month in a new money market account that paid simple annual interest at the rate of r percent. If the investment earned \$360 in interest for the month, what is the value of r ?

A. 10.0
B. 10.5
C. 11.0
D. 12.0
E. 12.5

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Location: India
Concentration: Sustainability, Marketing
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Re: A total of \$36,000 was invested for one month in a new money market ac  [#permalink]

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27 Nov 2018, 08:22
Bunuel wrote:
A total of \$36,000 was invested for one month in a new money market account that paid simple annual interest at the rate of r percent. If the investment earned \$360 in interest for the month, what is the value of r ?

A. 10.0
B. 10.5
C. 11.0
D. 12.0
E. 12.5

360= 36000 * r*1 / ( 100*12)

solve for r we get option D 12
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Re: A total of \$36,000 was invested for one month in a new money market ac   [#permalink] 27 Nov 2018, 08:22
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# A total of \$36,000 was invested for one month in a new money market ac

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