Answer:
The rate at which the account pay the deposit is 2 %
Step-by-step explanation:
Given as :
The principal amount deposited in account = $2100
The rate of interest = r % simple interest annually
The time period = 11 months = year
The amount received = $2138.50
Now<u>, From Simple Interest method </u>
Simple Interest =
Or, Interest =
Or, Interest =
Or, Interest = 19.25 r
Now, Interest = Amount - Principal
So, 19.25 r = $2138.50 - $2100
Or, 19.25 r = $38.5
∴ r =
I.e r = 2
So, rate of interest = r = 2 %
Hence The rate at which the account pay the deposit is 2 % Answer
