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Difficulty—
Bob invested one half of his savings in a bond that paid simple interest for 3 years and received $825 as interest. He invested the remaining in a bond that paid compound interest (compounded annually) for the same 3 years at the same rate of interest and received $1001 as interest. What was the annual rate of interest?
(A) 5%
(B) 10%
(C) 12%
(D) 15%
(E) 20%
OA E
Source: Veritas Prep
(A) 5%
(B) 10%
(C) 12%
(D) 15%
(E) 20%
OA E
Source: Veritas Prep
