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

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Math Expert
Joined: 02 Sep 2009
Posts: 55150
A total of \$72,000 was invested for one month in a new money market ac  [#permalink]

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27 Nov 2018, 00:28
00:00

Difficulty:

15% (low)

Question Stats:

86% (01:20) correct 14% (02:10) wrong based on 38 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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Joined: 18 Aug 2017
Posts: 3451
Location: India
Concentration: Sustainability, Marketing
GPA: 4
WE: Marketing (Energy and Utilities)
Re: A total of \$72,000 was invested for one month in a new money market ac  [#permalink]

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27 Nov 2018, 10:21
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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Manager
Joined: 15 Nov 2017
Posts: 55
Re: A total of \$72,000 was invested for one month in a new money market ac  [#permalink]

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06 Dec 2018, 03:12
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
CEO
Joined: 18 Aug 2017
Posts: 3451
Location: India
Concentration: Sustainability, Marketing
GPA: 4
WE: Marketing (Energy and Utilities)
Re: A total of \$72,000 was invested for one month in a new money market ac  [#permalink]

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06 Dec 2018, 03:40
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   [#permalink] 06 Dec 2018, 03:40
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