Question

Billy invests £800 for 5 years in a savings account.

By the end of the 5 years he has received a total of £96 simple interest.
Work out the annual rate of simple interest.

Answer 1

Answer:24

Explanation:

First solve:

800*5 = 4,000

Then:

96 divided by 4,000 = 0.024

0.024 in percent = 24%

Thus, 24% will be your answer