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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Harsh Makadia asked Jul 10, 2023

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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.

Mathematics
high-school

Harsh Makadia asked Jul 10, 2023

by Harsh Makadia

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20 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%

Ofer Skulsky answered Jul 17, 2023

by Ofer Skulsky

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