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# At what simple annual interest rate must

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Director
Joined: 06 Jan 2015
Posts: 571
Location: India
Concentration: Operations, Finance
GPA: 3.35
WE: Information Technology (Computer Software)
At what simple annual interest rate must  [#permalink]

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29 Oct 2018, 05:39
00:00

Difficulty:

5% (low)

Question Stats:

95% (00:46) correct 5% (01:24) wrong based on 19 sessions

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At what simple annual interest rate must $2,500 be invested if it is to earn$225 in interest in one year?

A)6%
B)7%
C)8%
D)9%
E)10%

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Joined: 11 Jun 2011
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Re: At what simple annual interest rate must  [#permalink]

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29 Oct 2018, 07:38
NandishSS wrote:
At what simple annual interest rate must $2,500 be invested if it is to earn$225 in interest in one year?

A)6%
B)7%
C)8%
D)9%
E)10%

$$225 = \frac{2500*1*r}{100}$$

So, $$225 = 25r$$

Thus, $$r = 9$$% ; Answer must be (D)
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Re: At what simple annual interest rate must &nbs [#permalink] 29 Oct 2018, 07:38
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