Reese deposited $7500 for two years into a money market account. At the end of two years she had a total of $8700. What rate of interest did she receive?
Answers
Answered by
0
Answer:
u r inteligent
if u r not
then
study
don't waste your time here
Explanation:
u r inteligent
if u r not
then
study
don't waste your time here
Answered by
2
Explanation:
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%
Similar questions