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22 October, 04:49

A deposite of 800 was made into a savings account and has grown to 1000 in 3 years the growth in value was via simple interest calculate on the basis of the initial deposite calculate the rate of interest

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  1. 22 October, 05:09
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    Answer: the interest rate is 8.3%

    Step-by-step explanation:

    The formula for determining simple interest is expressed as

    I = PRT/100

    Where

    I represents interest paid on the amount of money deposited.

    P represents the principal or amount of money deposited.

    R represents interest rate

    T represents the duration in years.

    From the information given,

    P = 800

    R = 1000 - 800 = $200

    T = 3 years

    Therefore,

    200 = (800 * R * 3) / 100

    200 = 24R

    R = 200/24

    R = 8.3%
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