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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asked Jun 10, 2023 161k views

16 votes

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.

Mathematics
high-school

DJ Ramones asked

by DJ Ramones

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1 Answer

6 votes

Answer:

20.17%

Explanation:

Formula I=PRT

then R=I/PT

R=629.20/520 x 6

=0.2017

=0.2017 x 100%

=20.17%

Vlad Dekhanov answered Jun 17, 2023

by Vlad Dekhanov

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