Question

At what rate percent of interest per annum will #700 gain an interest of #84 in 3 years​

Answer 1

4% per annum

Explanation:

Recall :

Simple interest = principal * rate * time

Given that :

Time = 3 ; simple interest = 84 ; principal = 700

84 = 700 * rate * 3

84 = 2100 * rate

Rate = 84 /2100

= 0.04

= 0.04 * 100% = 4% per annum