# 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? can you please give me explanation

2
by nivasuhas

2014-12-27T14:04:12+05:30

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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%
great job tps
2014-12-27T14:42:28+05:30
PRINCIPLE = \$7500
amount = \$ 8700
simple interest = \$ 8700 - \$ 7500
= \$ 1200
time  = 2 years
rate = (simple interest ×100)÷(principle × time)
= (1200×100)÷(7500×2)
= 8%