ralicelindley ralicelindley

22-01-2022
Mathematics

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Gustavo invests £520 for 6 years in a bank account paying simple interest. At the end of 6 years, the amount in the bank account is £629.20. Calculate the annual rate of interest.

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sreanpanhaseth sreanpanhaseth

22-01-2022

Answer:

20.17%

Step-by-step explanation:

Formula I=PRT

then R=I/PT

R=629.20/520 x 6

=0.2017

=0.2017 x 100%

=20.17%

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