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An investment yields an interest payment of $68 each week. If the simp

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An investment yields an interest payment of $68 each week. If the simp  [#permalink]

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New post 29 Oct 2018, 07:15
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A
B
C
D
E

Difficulty:

  25% (medium)

Question Stats:

79% (02:20) correct 21% (02:08) wrong based on 46 sessions

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An investment yields an interest payment of $68 each week. If the simp  [#permalink]

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New post 29 Oct 2018, 08:20
Bunuel wrote:
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

Total Interest per year is \(68*48\)

Now, \(68*48 = \frac{P*1*7.5}{100}\)

So, \(p = $43,520\), Answer must be (E)
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Re: An investment yields an interest payment of $68 each week. If the simp  [#permalink]

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New post 30 Oct 2018, 03:41

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

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Re: An investment yields an interest payment of $68 each week. If the simp   [#permalink] 30 Oct 2018, 03:41
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