Reese deposited $7500 for two years into a money market account. At the end of two years, she earned $1200 interest. What rate o f interest did she receive?
1 answer:
Answer:
She deposited $7500. So it is the principal.
At the end of years, she had total of $8700.
So the total amount is $8700 and the time period is 2 years.
Interest = Total amount - principal = $8700 - $7500 = $1200
We need the rate of interest.
we know that Interest = PTR/100
⇒1200 = 7500*2*R/100
⇒R = 1200*100/7500*2
⇒R = 120000/15000 = 8%
Rate of interest is 8%
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