A certain money market account that had a balance of $48,000 during all of last month earned $360 in interest for the month. At what simple annual interest rate did the
account earn interest last month?
(A) 7%
(B) 7.5%
(C) 8%
(D) 8.5%
(E) 9%

• 9%
  
  rate = SI*100/(P*T)
  here, P=48000, SI=360, T=1/12
  
  thereofore r = 360*100/(48000*(1/12)) = 9%
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• sooo simple 9%
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• its not given that it is interested annually,so take the time period as 1
  360 over amount of 48000 ie (360/48000)*100 = 7.5%
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• R=S.I*100/P.T=360*100*12/48000=9%,T= 1/12,p=48000,s.i=360 R=? R=9
  
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• 
  
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