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A total of $72,000 was invested for one month in a new money market ac

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A total of $72,000 was invested for one month in a new money market ac  [#permalink]

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New post 26 Nov 2018, 23:28
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Question Stats:

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A total of $72,000 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. 3
B. 6
C. 9
D. 10
E. 12

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Re: A total of $72,000 was invested for one month in a new money market ac  [#permalink]

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New post 27 Nov 2018, 09:21
Bunuel wrote:
A total of $72,000 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. 3
B. 6
C. 9
D. 10
E. 12



360= (72000*r*1) / 100* 12
r = 6 IMO B
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Re: A total of $72,000 was invested for one month in a new money market ac  [#permalink]

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New post 06 Dec 2018, 02:12
Thank you for your explanation. Could you please provide more clarity on the formula used for this as well as the general thought process? Thank you! :)



Archit3110 wrote:
Bunuel wrote:
A total of $72,000 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. 3
B. 6
C. 9
D. 10
E. 12



360= (72000*r*1) / 100* 12
r = 6 IMO B
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Re: A total of $72,000 was invested for one month in a new money market ac  [#permalink]

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New post 06 Dec 2018, 02:40
1
KHow wrote:
Thank you for your explanation. Could you please provide more clarity on the formula used for this as well as the general thought process? Thank you! :)



Archit3110 wrote:
Bunuel wrote:
A total of $72,000 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. 3
B. 6
C. 9
D. 10
E. 12



360= (72000*r*1) / 100* 12
r = 6 IMO B


KHow

formula for simple interest :
SI= (Principal amount * rate of interest * time)/100

in the question we are given SI as $360, P amount as $ 72000 , time as 1 month so 1/12 is done , r value is to be determined..

Hope this helps.
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Re: A total of $72,000 was invested for one month in a new money market ac &nbs [#permalink] 06 Dec 2018, 02:40
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A total of $72,000 was invested for one month in a new money market ac

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