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. Wor
k out the annual rate of simple interest
1 answer:
Answer:
2.5 %
Step-by-step explanation:
The simple interest formula is
I = Prt
Data:
I = $75
P = $600
t = 5 yr
Calculation:
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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