medium · GMAT Quant
Account A earns simple interest at an annual rate r. Account B holds the same principal and earns compound interest at the same annual rate r, compounded annually. After 3 years, the total interest earned by Account B exceeds the total interest earned by Account A by exactly 3.1% of the principal.
What is the value of r?
- 5%
- 8%
- 10%
- 12%
- 15%
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