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29 Oct 2018, 07:15
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E
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
35%
(medium)
Question Stats:
73% (02:25) correct
27%
(02:25)
wrong
based on 113
sessions
History
Date
Time
Result
Not Attempted Yet
An investment yields an interest payment of $68 each week. If the simple annual interest rate is 7.5%, what is the amount of the investment assuming there only 48 weeks are calculated in a year?
A. $28,600
B. $30,430
C. $34,330
D. $37,860
E. $43,520
A. $28,600
B. $30,430
C. $34,330
D. $37,860
E. $43,520
29 Oct 2018, 08:20
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Bunuel
Total Interest per year is \(68*48\)
Now, \(68*48 = \frac{P*1*7.5}{100}\)
So, \(p = $43,520\), Answer must be (E)
30 Oct 2018, 03:41
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Solution
Given:
- • Interest payment for each week = $68
• Simple annual interest rate = 7.5%
• Number of weeks calculated in a year = 48
To find:
- • The amount of investment
Approach and Working:
- • Let us assume that the investment amount = A
• Interest rate per week = 7.5%/total number of weeks in that year = \(\frac{7.5%}{48}\)
• Interest payment for each week = $68
• Thus, \((\frac{7.5}{48})\)% of A = $68
- o Implies, A = \(\frac{($68 * 48 *100)}{7.5} = $43,520\)
Hence, the correct answer is Option E
Answer: E
