Question

$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?

Answer 1

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 %