If $59,200 grows to $60,000 in 41 days what simple annual interest rate was earned?
A) 12.03%
B) 11.87%
C) 13.51%
D) 17.48%
E) 10.16%

Name: If $59,200 grows to $60,000 in 41 days what simple annual interest rate was earned? A) 12.03% B) 11.87% C) 13.51% D) 17.48% E) 10.16%
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Question

Quizplus · Accepted Answer

Simple interest = $60,000 - $59,200 = $800Simple interest rate = (Simple interest / Principal) * (365 / Days)= (800 / 59,200) * (365 / 41)= 0.1203 or 12.03%

If $59,200 Grows to $60,000 in 41 Days What Simple