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17 September, 23:16

Remi invests £600 for 5 years in a savings account.

By the end of the 5 years he has received a total of £75 simple interest.

Work out the annual rate of simple interest

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  1. 17 September, 23:45
    0
    225600

    Step-by-step explanation:

    Simple interest formula:

    A = P (1 + rt)

    A = final amount

    P = initial principal balance

    r = annual interest rate

    t = time (in years)

    So ...

    A = 600 (1 + (75 x 5))

    75 x 5 = 375

    1 + 375 = 376

    600 x 376 = 225600

    A = 225600
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