17 December, 04:15
Remi invests?600 for 5 years in a saving 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
17 December, 05:32
The simple interest formula is
I = Prt
I = $75
P = $600
t = 5 yr
75 = 600 * r * 5
75 = 3000 r
Divide each side by 3000
r = 75/3000 = 0.025 = 2.5 % APR
The annual percentage rate is 2.5 %.
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» Remi invests?600 for 5 years in a saving 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