Question

=) Asif deposits $650 into a bank paying a simple interest. He leaves the money there

for 5 years. At the end of the 5 years, the amount in the bank is $763.75.
Calculate the percentage rate of interest the bank paid per year.

Answer 1

interest he got per year is 22.75

Explanation:

deposited money = 650

after 5 years = 763.75

interest he got = 763.75 - 650

= 113.75

interest he got each year = 113.75 / 5

= 22.75