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22-06-2020
Mathematics

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Billy invests £800 for 5 years in savings account By the end of the years he has received a total of £96 simple interest Work out the annual rate of simple interest

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gilbertazavedo72 gilbertazavedo72

22-06-2020

Answer: 2.4%

Step-by-step explanation:

SI = prt / 100

96 = ( 800 x r x 5) / 100

96 = 40r

r = 96 / 40 = 2.4%

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