Question

A sum of £350 is invested at simple interest and amounts to £476 after 3 years. Calculate

(a) the total interest
(b) the rate per cent per annum. ​

Answer 1

(a) $126

(b) .453333%

Explanation:

(a) 476 - 350 = $126

(b)

`si = p * r* t \\ 476 = 350 * r* 3 \\ 476 = 1050r \\ (476)/(1050) = r \\ r = 0.453333\%`