Answer:
The rate of interest per annum is 3%.
Explanation:
The rate of interest per annum is 3%.
This can be calculated using the formula:
Simple Interest = (Principal x Rate x Time) / 100
In this case, we know that the Simple Interest = $54 and the Principal = $800, Time = 3 years.
So, we can rearrange the formula to solve for the Rate:
Rate = (Simple Interest x 100) / (Principal x Time)
Plugging in the given values, we get:
Rate = (54 x 100) / (800 x 3)
Rate = 3%