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hoa [83]
3 years ago
15

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?
Mathematics
1 answer:
icang [17]3 years ago
6 0

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%

Step-by-step explanation:

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3 years ago
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