SOLUTION: At what rate must 60,000 pesos ne invested to earn 3,600 pesos in 120 days?
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Question 1128755: At what rate must 60,000 pesos ne invested to earn 3,600 pesos in 120 days?
Answer by greenestamps(13200) (Show Source): You can put this solution on YOUR website!
3600 is 6% of 60,000.
If you are using a 360-day year, then 120 days is 1/3 of a year; the required (yearly) interest rate would be 3*6% = 18%.
If you are using a 365-day year, then the required interest rate would be 6% multiplied by 120/365.
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