$20,000 was invested in a 3-year simple interest money market account. After 3 years, the account balance was $32,000. What was the interest rate for the account?

Question

asked Nov 24, 2021 240 views

1 Answer

Crypted · Answer 1 · 2021-11-28T05:38:28+0000

Explanation:

Amount = principal + S. I.

S. I. = p * t * r / 100

32000 = 20000 + 20000 * 3 * r / 100

12000 = 600 r

r ( Rate of interest) = 20 %