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

Respuesta :

whatl75

Answer:

896

Step-by-step explanation:

well he got $800 dollers for five hours...

and he after that he got $96 for five hours...

so you  have to add $800 to $96 wich is $896

Onoriodefelix

Answer:

2 2/5 % or 2.4%

Step-by-step explanation:

Rate R = 100 x I /P x T

Where

I = interest £96

P = principal £800

T = time 5 yrs

Therefore

R = 100 x 96 /800 x 5

Multiply through

= 9600/4000

Cancel out zeros, we’re left with

= 96/40

Divide both the numerator and denominator by 4

= 24/10

Divide both the numerator and denominator by 2

= 12/5

= 2 2/5 % or 2.4%

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