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Arithmetic Aptitude :: Simple Interest

6. A certain money market account that had a balance of $48,000 during all of last month earned $360 in interest for the month. At what simple annual interest rate did the account earn interest last month?

Answer: Option B

Explanation :

Formula [R = SI*100/(P*T)]
Given P= $48000, SI=$360, T=1/12
So Rate = [360*100/(48000*(1/12))] = 9%.

Asked In ::  Capgemini  

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