Jennifer invested her savings of $500 in a savings account that was earning simple interest at 4.42% p.a. She also invested $3,075 in her friend's business at 0.32% p.m.

a. What is the interest rate per month that is equivalent to 4.42% p.a.?

b. What was the total interest earned from both investments at the end of 11 months?

Question

Jennifer invested her savings of $500 in a savings account that was earning simple interest at 4.42% p.a. She also invested $3,075 in her friend's business at 0.32% p.m.

a. What is the interest rate per month that is equivalent to 4.42% p.a.?

b. What was the total interest earned from both investments at the end of 11 months?

perl · Answer

p.a. means per annum (per year)

p.m. means per month

perl · Answer

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