GMAT Quantitative Reasoning Practice Test 1

Question : 2 of 100

Marks: +1, -0

An investment yields an interest payment of

\$ 228

each month. If the simple annual interest rate is

9 \%

, what is the amount of the investment?

Solution:

Principal

\times

percent interest

\times

time

=

interest earned
Principal

×(0.09) × 1 {/} 12=\$ 228

.
Solve to find the principal

(228 × 12) \/ 0.09=\$ 30,400

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