Problema Solution
A high school student was able to save $3000 by working a part-time job every summer. He invested half the money in a money market account and half the money in a stock that paid three times as much interest as the money market account. After a year he earned $210 in interest. What were the interest rates of the money market account and the stock?
Answer provided by our tutors
I = pnr/100
Or, 210 = 3000 x1 x r/100
Or, 21000/3000 = R
R= 7%