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Bunuel
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A total of $72,000 was invested for one month in a new money market ac 27 Nov 2018, 00:28
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5% (low)

Question Stats:

88% (01:35) correct 12% (01:51) wrong based on 137 sessions

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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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B
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A total of $72,000 was invested for one month in a new money market ac 27 Nov 2018, 10:21
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Bunuel
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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360= (72000*r*1) / 100* 12
r = 6 IMO B
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A total of $72,000 was invested for one month in a new money market ac 06 Dec 2018, 03:12
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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
Bunuel
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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A total of $72,000 was invested for one month in a new money market ac 06 Dec 2018, 03:40
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KHow
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
Bunuel
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
Show more

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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A total of $72,000 was invested for one month in a new money market ac 20 May 2019, 01:27
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360*12 = 4320 annual interest

Annual interest / principal = r

4320 / 7200 = 0.06 = 6%

Answer B

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A total of $72,000 was invested for one month in a new money market ac 10 Feb 2026, 03:23
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