What rate of interest did you receive over a period of 67 days if your principal was $7444 and it has a maturity value of $7601?
A) 11.94%
B) 11.49%
C) 11.69%
D) 11.29%
E) 11.99%

Question

Quizplus · Accepted Answer

Maturity value = Principal+Interest
Interest = Maturity value - Principal

Interest = $7601 - $7444 = $157

Now, we need to find the rate of interest for 67 days. We can use the following formula:

Simple Interest = (Principal x Rate x Time) / 100

Here, Time = 67/365 years (since the interest is for 67 days)
Principal = $7444
Simple Interest = $157

$157 = ($7444 x Rate x 67/365) / 100

Rate = ($157 x 100 x 365) / ($7444 x 67)
Rate = 0.1149 or 11.49%

Therefore, the answer is B) 11.49%.

What Rate of Interest Did You Receive Over a Period