A man borrowed $8000. He paid $10100 after 9 months for the debt. What was the interest rate per annum?
1 answer:
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Answer:
Result = 0.0045
Step-by-step explanation:
Given
Required
Determine the result
Following Charlie's steps:
0.09 is a 2 decimal placed digit
and
0.05 is a 2 decimal placed digit
So, the product is as follows:
9 --------- 2 decimal place
5 --------- 2 decimal place
------------------------------------------
45 --------- 4 decimal place
Shifting the decimals in 45 to 4 decimal places will give us: 0.0045
<em>Hence, the final answer is 0.0045</em>