Question

If $206.40 amounts to$237.36 in 2 years, find therate of simple interest perannum​

Answer 1

Answer:

The interest rate is 7.5%

Step-by-step explanation:

You get the difference from the new number and the original. In this case, it is 30.96.  I then divided the original by  30.96. The answer turned out to be .15. I doubled checked my answer by timing the original by .15 and adding it. But, I had to divide .15 by 2 so I could get the amount per year. So, it would be 7.5% per year of interest.