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AveGali [126]
2 years ago
5

A fixed deposit receipt initiallypurchased for #1,500,000 for 4years has a maturity value of #1,300,000. What is the simple inte

rest rate per year?​
Mathematics
1 answer:
Arturiano [62]2 years ago
6 0

Answer:

11 3/13% per annum

Step-by-step explanation:

to find rate= 100×simple interest ÷ (principal ×time)

simple interest=total amount - principal

=1,500,000-1,300,000

=200,000

=200,000 ×100÷ 1,300,000×4

=3 11/13% per annum

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