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February 4th, 2014, 06:21 AM  #1 
Newbie Joined: Jan 2014 Posts: 25 Thanks: 0  An investor has applied the amount of $ 500.00
buenas afternoon staff; An investor has applied the amount of $ 500.00 in an investment fund that operates in the regime of simple interest. After 6 months the investor was found that the amount of R $ 560.00. What rate of interest of this fund? a) 0.1% b) 0.5% c) 1% d) 2% e) 3% 
February 4th, 2014, 01:13 PM  #2 
Math Team Joined: Oct 2011 From: Ottawa Ontario, Canada Posts: 14,597 Thanks: 1038  Re: An investor has applied the amount of $ 500.00
560 / 500  1 = 1.12  1 = .12 ; .12 * 2 = .24 = 24% Sure something wrong with your problem... 
February 4th, 2014, 05:24 PM  #3 
Senior Member Joined: Jun 2011 Posts: 164 Thanks: 0  Re: An investor has applied the amount of $ 500.00
I think he meant 560500=60 60/6=10 $/month 10/500=.02 = 2% interest I am assuming this is simple, but not compound interest. 
February 22nd, 2014, 06:44 AM  #4 
Math Team Joined: Sep 2007 Posts: 2,409 Thanks: 6  Re: An investor has applied the amount of $ 500.00
Yes, $500 increased by $60 which is an increase of or 12% in six months. "Rate of interest" should be given annually not for six months or one month. 12% in 6 months is 24% annual interest.

February 22nd, 2014, 09:38 AM  #5  
Math Team Joined: Oct 2011 From: Ottawa Ontario, Canada Posts: 14,597 Thanks: 1038  Re: An investor has applied the amount of $ 500.00 Quote:
 
February 22nd, 2014, 06:24 PM  #6 
Math Team Joined: Sep 2007 Posts: 2,409 Thanks: 6  Re: An investor has applied the amount of $ 500.00
How do you decide that? The OP said we were to use simple interest.

February 22nd, 2014, 07:14 PM  #7 
Math Team Joined: Oct 2011 From: Ottawa Ontario, Canada Posts: 14,597 Thanks: 1038  Re: An investor has applied the amount of $ 500.00
Didn't decide nuttin! Trying to let the OP know that this WOULD BE the case IF. 

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