beautyLamdatb beautyLamdatb

15-05-2016
Mathematics

Answered

A $6000 investment earns $690 simple interest in two years. What is the annual interest rate?

A.

1.15%

B.

5.75%

C.

11.5%

D.

57.5%

Verified Answer :

17-05-2016

2 years simple interest is $690
1 year simple interest is $690/2 = $345

$6000 simple interest is $345
$1000 simple interest is $345/6 = $57.5
$100 simple interest is $57.5/10 = $5.75

Annual interest rate is 5.75%

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