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# What is the interest rate on a savings account?

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Math Expert
Joined: 02 Sep 2009
Posts: 51301
What is the interest rate on a savings account?  [#permalink]

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22 Jan 2016, 09:35
00:00

Difficulty:

15% (low)

Question Stats:

83% (00:41) correct 17% (00:28) wrong based on 46 sessions

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What is the interest rate on a savings account?

(1) The saver collected \$42 in simple interest over several months.
(2) There was \$1,680 in the account initially.

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Posts: 326
Re: What is the interest rate on a savings account?  [#permalink]

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24 Jan 2016, 06:15
To find out the interest, we normally need the Principal, Interest amount and Time.

1. Not Sufficient
No information about the number of months or the Principal

2. Not Sufficient
No information about the interest amount or the number of months

1 and 2: Not Sufficient
No Information about the number of months for which the interest was calculated.
42/1680=2.5%.
But this 2.5% could have been accrued over 25 months @ 0.1% per month, or 10 months @ 0.25%, or 5 months @ 0.5%. The list is endless.

Re: What is the interest rate on a savings account? &nbs [#permalink] 24 Jan 2016, 06:15
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