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A savings account pays interest at a rate of R% per year. Jack invests £5500 in the account for one year. At the end of the year, Jack pays tax on the interest at a rate of 40%. After paying tax, he gets
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A savings account pays interest at a rate of R% per year.

Jack invests £5500 in the account for one year.

At the end of the year, Jack pays tax on the interest at a rate of 40%.
After paying tax, he gets £79.20.

Work out the value of R

User Vicente Bolea
by
8.4k points

2 Answers

4 votes

Answer:

.

Explanation:

User Jalpesh Vadgama
by
7.2k points
4 votes

Answer:

2.4%

Explanation:

79.20/0.6=132

132/5500*100=24%

User Kiruahxh
by
8.3k points
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